Darwinbox raises $140 million co-led by Partners Group, KKR

Darwinbox has raised $140 million in a funding round co-led by global investment firms Partners Group and KKR, as it seeks to bolster its technology development and accelerate international expansion, the human resource technology company said on Wednesday.

Mint first reported on the development last week and said that KKR and Partners Group were nearing a deal to lead a $120-150 million funding round in Darwinbox.

“This investment is a testament to Darwinbox’s strong fundamentals and the trust we have earned from our over 1,000 global customer base,” Jayant Paleti, co-founder of Darwinbox, said in a statement. “By placing the employee experience front and center—and ensuring our platform is deeply configurable to diverse local needs—we have helped transform HR for enterprises globally. With top-tier investors backing us, we’re poised to amplify our global momentum and deliver innovative AI-powered solutions for thousands of enterprises worldwide.”

Avendus Capital acted as the financial advisor and investment banker for this transaction.

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Founded in 2015, Darwinbox is a mobile-first and AI-enabled human capital management platform that serves more than 1,000 businesses around the world. Over the past decade, Darwinbox has expanded internationally across multiple markets, including Asia Pacific, the Middle East, the UK, and the US.

AI & product innovation focus

Cyrus Driver, managing director, private equity, Partners Group, said, “Darwinbox operates in the rapidly growing HR tech market, which we have been tracking through our thematic research. The company is acting as a key disruptor to legacy platforms in this space, investing heavily in product innovation, generative AI, and global expansion, and is well positioned to take market share.”

Partners Group invests through its growth equity strategy, which applies a thematic approach to identify investment opportunities in growth-stage companies globally. Partners Group made its first growth investment in 2013 and has deployed around $2.5 billion in the space so far.

Darwinbox said that it services over 3 million employees globally from brands including Starbucks, Nivea, AXA, Cigna, WeWork, Crisil (an S&P company), and T-Systems.

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Akshay Tanna, partner and head of India private equity, KKR, said, “Darwinbox has established itself as a leading player in the human capital management space in a short span of time through its focus on innovation and customer-centricity. We are pleased to support Darwinbox on its next stage of growth and will look to draw from our global network and expertise to accelerate its international expansion ambitions.”

KKR makes its investment from its Asia Next Generation Technology strategy across consumer technology, software, and fintech. This marks an addition to KKR’s growth equity investments in India apart from Rebel Foods, an internet restaurant company in India, Lenskart, an omni-channel eyewear retailer, and Livspace, a home interior brand.