It seems startups are in the mood for fundraising across the globe. Hyderabad-based HR Tech Startup, DarwinBox, joined the fray. DarwinBox disclosed that it completed another round of Series A funding to the tune of $4 million. The funds were infused by a series of investors led by Lightspeed India Partners.
Some of the previous and current investors are: Endiya Partners, Mohandas Pai’s 3one4 Capital, and StarupXseed Ventures who participated in the latest fundraising round.
According to Chaitanya Peddi, the cofounder and product head at DarwinBox, the funds raised in the current round will be used for product innovation and expansion to cover new markets. Sharing his views, Dev Khare, a partner at Lightspeed India Partners said they will continue to keep investing in areas like Big Data, machine learning, and artificial intelligence in combination with technology around HRM and psychology, creating a diverse range of investments to stay ahead of the competition and increase value to customers.
DarwinBox was founded by Rohit Chennamaneni, Jayant Paleti, and Chaitanya Peddi. According to the founders, their enterprise HRMS platform was developed with the aim of providing flexibility and scalability to organizations, taking care of all functional aspects of an HR department. The platform has well defined workflow and proprietary intelligence with an amazing user interface.
Their target market is mid-to-large enterprises across India and they expect to add 100 more markets to their clientele. Adding to this, Chennamaneni said they also want to expand to other markets in Asia and slowly tap into the global market.
Anirudh M. for TechFunnel.com