HR Tech Unicorn Darwinbox Secures New Funding

HR tech unicorn Darwinbox has received a follow-on investment from Teachers' Venture Growth (TVG), the late-stage venture arm of Ontario Teachers' Pension Plan. This transaction exclusively involved a secondary share sale, with specific details undisclosed. TVG first invested in Darwinbox in August 2025, leading a $40 million round to support international expansion and AI development.

Founded in 2015, Darwinbox offers a cloud-based human capital management platform for core HR, payroll, recruitment, and engagement. The platform serves over 1,400 organizations and 4.5 million employees across the US, India, Middle East, and Southeast Asia. The company has achieved a 70% CAGR over the past five years.

Darwinbox is also advancing its AI capabilities with Darwinbox Cortex, an AI-native HCM platform launched in August 2026. This platform is developed with partners like Microsoft and Slack, with pilot customers including Visteon and Transcarent. Prior to the recent TVG investment, Darwinbox had raised approximately $300 million, achieving unicorn status in 2022.

TVG has also invested in other Indian tech startups, including Xpressbees, Perfios, Mintifi, and Neysa, demonstrating its commitment to the region's growing tech ecosystem.