Canadian pension fund Ontario Teachers’ Pension Plan (OTPP) has closed a $40 million investment in Hyderabad-based Software-as-a-Service firm Darwinbox to facilitate its global expansion plans, per a statement.
The funding, which includes both primary and secondary components, has been routed through OTPP’s late-stage and growth investment arm, Teachers’ Venture Growth.
With the investment, Darwinbox has garnered a valuation of about $1 billion.
As part of the secondary transaction, Peak XV Partners – which first invested in the firm in 2019 – has partially exited its stake in Darwinbox.
The funding will be used to support the company’s international expansion, with a particular focus on North America, to meet the rising demand for next-generation solutions that can replace traditional HR software, it said in a statement.
Founded in 2015, Darwinbox helps organisations manage their HR needs, including hiring and onboarding, attendance and employee management. It serves more than 1,000 enterprises in various sectors across 130 countries. Its customer base includes companies such as Starbucks, Nivea, Cigna, WeWork, and Crisil.
Earlier this year, in March, Darwinbox raised as much as $140 million in a round that was co-led by global investment firms KKR and Partners Group, and joined by Gravity Holdings.
Teachers’ Venture Growth is not a new investor in Darwinbox. It last led a $72 million round in the company in 2022. It also counts Mintifi, Perfios, and Xpressbees among its portfolio firms in India.
