Darwinbox, an AI-powered human capital management (HCM) platform, has raised $40 million in a funding round from Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan.
The funds raised will be used to redefine enterprise HR with AI-first innovation and rapid global expansion, especially in North America.
The raise is in addition to Darwinbox’s recent $140 million round led by Partners Group and KKR in March 2025 and sees TVG acquire a stake in Darwinbox through primary and secondary transactions.
Founded in 2015 by Jayant Paleti, Rohit Chennamaneni, and Chaitanya Peddi, Darwinbox is a cloud-based HR tech platform that helps with recruitment, payroll, employee engagement, talent management, and people analytics.
Darwinbox is trusted by over 3 million employees from more than 1000 enterprises across 130 countries.
Darwinbox is continuing to invest in agentic-AI innovation, becoming the first HCM platform to support the Model Context Protocol (MCP) and enabling AI agents to interact with Darwinbox securely.
Darwinbox has expanded internationally across multiple markets, including the US, Southeast Asia, and MENA. The company has grown 3X year on year since its entry in the region and is powering global enterprises like EXL, Virtusa, Orion Innovation, Ephicacy, Apollo.io, Nivea, WeWork, Zara, Starbucks, and Adidas.
Darius Vakil, Director of TVG in India, said, “We are pleased to partner with an exceptional team that has built and scaled Darwinbox into a leading HR technology company. With an easily customizable, AI-powered full-stack offering, and customer centricity at its core, Darwinbox continues to drive impressive adoption across large enterprises globally. We look forward to bringing our global network and expertise to support the company’s future growth.”
Jayant Paleti, Co-Founder of Darwinbox, said, “We’re thrilled to welcome TVG as partners in our next stage of scaling. HR tech, when done right, can unlock outsized value for every enterprise, yet the old guard of HCM vendors still falls short of that leap. Darwinbox exists to change that story, building the next-gen HCM company, global by design, AI‑first at the core, and relentlessly focused on customer outcomes.”
