Hyderabad: AI-powered human capital management (HCM) platform Darwinbox has announced a US$40 million investment from Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan.
The partnership will accelerate the platform’s North American expansion and advance its agentic AI innovation, meeting increasing global demand for modern enterprise HR solutions.
Since entering North America, Darwinbox has achieved 3X year-on-year growth, serving global enterprises such as EXL, Virtusa, Orion Innovation, Ephicacy, Apollo.io, Nivea, WeWork, Zara, Starbucks, and Adidas.
Also Read: Lloyds Metals: Shaping the Future of Iron and Steel with a People-First Philosophy
Darwinbox: Supports Enterprises and Employees Across 130 Countries
The platform currently supports over 1,000 enterprises and 4 million employees across 130 countries. It is also the first HCM platform to integrate the Model Context Protocol (MCP), enabling secure interactions between AI agents and Darwinbox.
This latest funding comes in addition to the US$140 million round led by Partners Group and KKR in March 2025. The investment includes both primary and secondary transactions, with TVG leveraging its experience in helping technology companies scale globally. TVG joins an investor roster that includes KKR, Partners Group, Microsoft, Salesforce, Peak XV, Lightspeed, and TCV.
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 AI-powered full-stack offering and customer-centric approach, Darwinbox continues to drive impressive adoption across large enterprises globally. We look forward to supporting its next phase of growth with our network and expertise.”
Also Read: Asha Kharga Appointed Chief Customer Officer at Mahindra Holidays and Resorts India
Jayant Paleti, Co-Founder of Darwinbox, added: “We’re thrilled to welcome TVG as partners in our scaling journey. HR tech, when done right, unlocks tremendous value, yet many legacy HCM vendors fall short. Darwinbox exists to change that, building a next-gen, AI-first, global HCM company focused on delivering measurable outcomes for customers.”
Recognized by Gartner and Forrester for its functional breadth, user experience, and AI innovation, Darwinbox is the youngest HCM suite to appear on Gartner’s Magic Quadrant for Cloud HCM Suites and has been named a Customers’ Choice HCM for four consecutive years in Gartner Peer Insights™ Voice of Customer report.
With its mission to shape the future of work, Darwinbox is expanding across the US, Southeast Asia, and MENA. Avendus Capital acted as financial advisor and investment banker for this transaction.
