Darwinbox, an Indian startup specializing in SaaS solutions for HR functions, has successfully raised $140 million to expedite its international growth primarily focusing on the U.S. market. Co-led by KKR and Partners Group, this latest funding round brings Darwinbox’s total funding to approximately $270 million. The startup now faces significant competition from established players like Deel and Rippling, which boast valuations around $12-13 billion. Interestingly, the new funding also signifies a shift, as its valuation has dropped to $950 million from its previous level of over $1 billion, highlighting the competitive and fluctuating landscape of HR-tech.
Darwinbox is seizing international opportunities with a recent $140 million raise to compete with global players such as Rippling and Deel, underscoring India's growing SaaS landscape.
The funding round, co-led by KKR and Partners Group, highlights the increasing investment interest in Indian SaaS startups as the region's tech ecosystem rapidly matures.
Valued at approximately $950 million, Darwinbox's latest fundraising marks a down-round compared to its previous valuation exceeding $1 billion in 2022, reflecting market dynamics.
As a home-grown enterprise startup, Darwinbox stands out in Asia's technology scene, indicating a transition from e-commerce toward more diverse tech solutions.
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