Singapore HR Software Startup Achieves Unicorn Status With $72 Million Funding

Darwinbox, an AI-powered human resources software startup in Singapore, has raised $72 million in Series D financing at a $1 billion valuation.

The funding round was led by Menlo Park-based TCV, best known for its investments in LinkedIn, Netflix and Spotify. Other investors include JG Digital Equity Ventures, the investment arm of Filipino billionaire Lance Gokongwei’s Gokongwei Group, Menlo Park-based Lightspeed Venture Partners, Sequoia Capital India and Salesforce Ventures.

In January last year, the startup raised more than $15 million in Series C financing led by Salesforce Ventures.

Darwinbox’s cloud-based human resources management software uses AI and machine learning to automate payroll, recruitment, travel and expense, and employee onboarding. Its platform helps automate interview scheduling and digitize attendance and payroll.

More than 650 enterprises in over 90 countries, including Del Monte Foods, Hong Kong billionaire Li Ka Shing-backed Kopi Kenangan, Indian food delivery unicorn Swiggy and fashion e-retailer Zalora use Darwinbox’s HR platforms, according to the startup’s website. Darwinbox says it has over 700 employees across offices in Bangalore, Dubai, Hanoi, Jakarta, Kuala Lumpur and Taguig in the Philippines.

Darwinbox was founded in 2015 by Rohit Chennamaneni, who previously worked at Google and McKinsey, Chaitanya Peddi and Jayant Paleti, both of whom worked at EY.