Darwinbox announced that it has secured US$140 million in investment, co-led by Partners Group and KKR. This funding aims to accelerate the HR technology platformโs international expansion and enhance its technology leadership.
Partners Group, a leading player in private markets, invested on behalf of its clients, while KKR, a global investment firm, also contributed through its Asia Next Generation Technology strategy. Gravity Holdings participated in the funding round as well. This latest investment highlights Darwinboxโs strong momentum and growing appeal to global investors.
Founded in 2015, Darwinbox is an AI-powered, mobile-first human capital management (HCM) platform serving over 1,000 enterprises worldwide. Over the past decade, the company has expanded into markets across Asia Pacific, the Middle East, the United Kingdom, and the United States. Since entering the North American market two years ago, Darwinbox has seen significant growth and is now doubling its focus on expanding its presence in the region.
Darwinbox sees rapid global growth and industry recognition
Darwinboxโs success in global markets is evident from its impressive fivefold revenue growth in international markets over the past two years. More than 60% of its new revenue now comes from outside its home market, reflecting strong demand for its innovative HR solutions.
The companyโs efforts have also earned global recognition. In 2024, Gartner named Darwinbox a โChallengerโ in its Magic Quadrant for Cloud HCM Suites for enterprises with over 1,000 employees. Darwinbox is the youngest and the only Asian company to earn this recognition, a significant milestone in the HR technology space.
โThis investment is a testament to Darwinbox’s strong fundamentals and the trust we have earned from our 1,000+ global customer base,โ said Jayant Paleti, Co-founder of Darwinbox. โBy placing the employee experience front and centre โ and ensuring our platform is deeply configurable to diverse local needs โ 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.โ
Investors see Darwinbox as a disruptive force in HR technology
Partners Group highlighted the potential they see in Darwinboxโs growth story. Cyrus Driver, Managing Director of Private Equity at Partners Group, said, โDarwinbox 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. We look forward to working with Darwinbox’s talented management team on driving future growth. The company represents another exciting addition to our private equity growth portfolio.โ
KKR also expressed confidence in Darwinboxโs growth potential. Akshay Tanna, Partner and Head of India Private Equity at KKR, said, โDarwinbox 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.โ
Globally, over 3 million employees from companies like Starbucks, Nivea, AXA, Cigna, WeWork, Crisil (an S&P company), T-Systems, and others rely on Darwinboxโs platform for modern HR management. The company has also introduced several new products, including a multi-country payroll solution and advanced generative AI features, further cementing its reputation for HR innovation.
Partners Groupโs investment comes through its growth equity strategy, which focuses on finding and supporting high-potential growth-stage companies worldwide. Since making its first growth equity investment in 2013, Partners Group has invested around US$2.5 billion in this space. Recent investments include Lumin Digital, a cloud-native digital banking provider, and Neara, an AI-powered predictive modelling software platform for critical infrastructure.
KKRโs investment in Darwinbox is part of its broader strategy to support innovative technology companies across Asia. In India and the region, KKRโs previous investments include Rebel Foods, Lenskart, Livspace, KiotViet, and Privy.
