The State Bank of India, a government-owned corporation, has invested $4.9 million U.S. in HRTech startup DarwinBox. The latest round takes DarwinBox’s total funding to date to $110 million.
According to website YourStory, DarwinBox passed a special resolution to issue 14,523 Series D3 compulsory convertible preference shares at an issue price of $340 per share. The investment was part of DarwinBox’s continued Series D funding round, which saw the startup raise $72 million in January 2022 and become a unicorn. In November last year, Microsoft invested $4 million in the company.
The involvement of a State-owned corporation is particularly interesting in light of Darwinbox’s IPO plans. The company has been vocal about going public, but it is unlikely to happen anytime soon. Meanwhile, it appointed Panuwat Benrohman as managing director and country head for Thailand earlier this week.
Founded in 2015 by Chaitanya Peddi, Jayant Paleti and Rohit Chennamaneni and based in Hyderabad, DarwinBox provides a full-suite human resources management system, including talent and workforce management solutions. The company operates 12 offices worldwide and has about 1,000 employees. It has more than two million users in 700 companies across 90 countries.