Darwinbox, the HRtech unicorn, has reportedly raised $5 million in an extended Series D funding round from State Bank of India (SBI).
Darwinbox plans to use the additional funds for marketing, capital expenditure, and other business operations. To date, the startup has raised a total of $115 million, including the current round of funding.
Darwinbox issued 14,523 Series D3 compulsory convertible preference shares (CCPS) at an issuance price of INR 28,105 each in a special resolution to raise INR 40.82 Cr ($5 Mn) from SBI.
The news comes almost a month after Inc42 reported Darwinbox had received $4 million from tech behemoth Microsoft Corporation.
After raising $72 million from Technology Crossover Ventures, Salesforce Ventures, Sequoia India, Lightspeed India, Endiya Partners, 3one4Capital, JGDEV, and SCB 10X, the HRtech startup will join the coveted unicorn club in January 2022.
Previously, the startup announced plans to hire approximately 2500 people globally and to list on bourses within the next three years. It also plans to become profitable in India this year (2023), and to be profitable in Southeast Asia and the Middle East by 2024.
Over the next three years, the startup plans to expand into New Zealand, Japan, the United States, and Australia.
It competes in the HRtech market with companies such as Workday, SAP SuccessFactors, and Oracle Fusion, among others.
According to the Fortune Business Insights report, the global HRtech sector was valued at $22.89 billion in 2020 and is expected to reach $35.68 billion by 2028, expanding at a 5.8% CAGR during the forecasted period.
In 2021, India will account for $3.6 billion of the global HRtech market.
Entrackr was the first to report on the development.
