HR tech unicorn Darwinbox has received a follow-on investment from Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan, according to inc42.com. The transaction, completed in 2026, was an undisclosed secondary share sale. TVG initially backed Darwinbox in August 2025, leading a $40 million funding round that combined primary and secondary funding.
The initial investment by TVG aimed to support Darwinbox’s international expansion, particularly in North America, and to boost its AI capabilities. Founded in 2015 by Jayant Paleti, Chaitanya Peddi, and Rohit Chennamaneni, Darwinbox offers a cloud-based human capital management platform covering core HR, payroll, recruitment, performance management, and employee engagement. Its platform serves over 1,400 organizations with more than 4.5 million employees globally, including markets in the US, India, the Middle East, and Southeast Asia.
Darwinbox has grown at a compound annual growth rate of 70% over the past five years. Its clientele includes Bharti AXA, JSW, Adani Wilmer, L&T, Licious, and PhysicsWallah. The startup has also advanced its AI integration with the launch of Darwinbox Cortex, an AI-native HCM platform unveiled in August 2026, which differentiates itself from conventional platforms by embedding AI at its core rather than layering it on existing systems.
Darwinbox’s next milestone will be to leverage this fresh capital to deepen its AI capabilities and expand its footprint in key global markets, building on its existing presence across the US, India, Middle East, and Southeast Asia.