Salesforce has invested $15 million in Darwinbox, an enterprise human resources (HR) technology platform, via its investment arm Salesforce Ventures.
This is Salesforce Ventures’ one of rare investments in Asia.
About Company
Salesforce.com, Inc. is an American cloud-based software company headquartered in San Francisco, California.
It provides customer relationship management service and also sells a complementary suite of enterprise applications focused on customer service, marketing automation, analytics, and application development.
Darwinbox’s Darwinbox was founded in 2015 by Jayant Paleti, Rohit Chennamaneni, and Chaitanya Peddi.
It handles onboarding of new hires, keeps a tab on their performance, monitors attrition rate, and provides an ongoing feedback loop.
It also provides its customers with a social network for their employees to remain connected with one another and an AI assistant to apply for a leave or set up meetings with quick voice commands from their phones.
Performance of Drawinbox
Overall, the startup’s revenue has increased by 300% since September 2019, when it last raised money.
In HR tech and SaaS space, he is now only behind SAP and Oracle in India in terms of revenue.
The company claims to have around 500 enterprises and large tech companies as clients in India and Southeast Asia, including the likes of Tokopedia, Indorama, Zilingo, Fave, Adani, Mahindra, Kotak, TVS, National Stock Exchange, Ujjivan Small Finance Bank, Swiggy, Bigbasket and others.
Company’s Financial
As per its last financial statement released in March 2019, Darwinbox ended FY2019 with a loss of over INR 35 Cr, down from INR 48 Cr in the previous year.
At the same time, revenue grew nearly 3x from INR 4.7 Cr to INR 11.4 Crore.
Fund Utilisation
Darwinbox said it would be hiring 200 people across geographies, and utilising the funds for AI and ML development and data analytics for enterprises.
Comment from Salesforce
Alex Kayyal, “Cloud adoption in Asia is growing at a monumental pace and the pandemic has only further amplified the importance of going digital.”
Comment from Drawinbox
Jayant Paleti, “We will work with Salesforce closely to maximize value to our customers, continue building out our product stack and accelerate global expansion.”
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