New Delhi, Sept. 15 -- Teachers' Venture Growth (TVG), the late-stage venture and growth investment platform of Ontario Teachers' Pension Plan (OTPP), has made a follow-on investment in Hyderabad-headquartered human capital management software company Darwinbox.
The financial terms of the transaction were not disclosed.
TVG first invested in Darwinbox in 2025 through a $40 million secondary transaction. This transaction had come more than three years after Darwinbox's $72 million Series D round in January 2022, which valued the company at $1 billion and turned it into a unicorn. Technology Crossover Ventures led that round, with participation from Salesforce Ventures, Peak XV Partners, Lightspeed India, Endiya Partners, 3one4 Capital, JGDEV and SCB 10X.
Founded in 2015 by Jayant Paleti, Chaitanya Peddi and Rohit Chennamaneni, Darwinbox provides cloud-based software covering recruitment, onboarding, attendance, payroll, employee engagement, performance management and people analytics.
The firm claims it serves more than 1,400 companies and 4.5 million employees globally, and that it has grown at a 70% compound annual growth rate (CAGR) over the past five years, with the US, the Middle East, India and Southeast Asia among its key markets.
The company has also been expanding its human capital management (HCM) product suite including the launch of Darwinbox Cortex, an AI-native HCM platform, in August.
The platform was launched with pilot customers including Fortune 1000 companies Visteon and Transcarent, and is being developed with technology partners including Microsoft, Slack and Glean.
Darwinbox is backed by investors such as KKR, Partners Group, Ontario Teachers' Pension Plan, Microsoft, Salesforce Ventures, TCV and Peak XV Partners.
It last raised $140 million in 2025 in a funding round jointly led by Swiss private markets investor Partners Group and US private equity firm KKR.
Published by HT Digital Content Services with permission from VC Circle.