Darwinbox, a leading global human resource (HR) technology platform, announced the signing of definitive agreements under which Partners Group, one of the largest firms in the global private markets industry (acting on behalf of its clients), and funds managed by KKR, a leading global investment firm, co-led an investment of US$140 million in the company, with additional participation from Gravity Holdings.

The addition of Partners Group and KKR to Darwinbox’s already strong cap table underscored the company’s rapid growth in recent years. This investment positioned Darwinbox to further enhance its technological leadership and accelerate international expansion.

Founded in 2015, Darwinbox built a mobile-first and AI-enabled human capital management (HCM) platform, serving over 1,000 enterprises worldwide. Within less than a decade, the company expanded across multiple international markets, including Asia Pacific, the Middle East, the United Kingdom, and the United States.

In particular, since its entry into North America two years ago, Darwinbox gained significant traction and intensified its regional presence. Over the past two years, it achieved a fivefold increase in revenue from international markets, with over 60% of new revenue coming from outside its home market.

In 2024, Darwinbox was recognised as a Challenger in the Gartner Magic Quadrant for Cloud HCM Suites for enterprises with over 1,000 employees, making it the youngest and only Asian company to receive this accolade.

Since entering Southeast Asia six years ago, Darwinbox rapidly established itself as the preferred HCM platform for leading enterprises in the region, serving top Malaysian brands such as Credence, ADA, UEM Sunrise, Al-Rajhi Bank, Socar, MCMC, Sembcorp, and Banyan Group.

Over the past three years, the company recorded a fivefold revenue increase in the region, strengthening its presence through offices in Jakarta, Singapore, Kuala Lumpur, Bangkok, and Manila. Recognising Southeast Asia as a key growth region,

Darwinbox launched a new multi-country payroll solution, reinforcing its commitment to delivering localised, high-impact HR innovations.

“This investment is a testament to Darwinbox’s strong fundamentals and the trust we have built with our 1,000+ global customers,” said Jayant Paleti, Co‐founder of Darwinbox. “By prioritising the employee experience and ensuring our platform is highly configurable to diverse local needs, we have transformed HR for enterprises globally.

“With the backing of top-tier investors, we are well-positioned to scale our global momentum and deliver innovative AI-powered solutions to thousands of enterprises worldwide.”

Cyrus Driver, Managing Director, Private Equity at Partners Group, commented:
“Darwinbox operates in the fast-growing HR technology market, which we have been tracking through our thematic research.

“The company is a key disruptor to legacy platforms, investing heavily in product innovation, generative AI, and global expansion. We look forward to working with Darwinbox’s talented management team to drive future growth. This investment represents another exciting addition to our private equity growth portfolio.”

Akshay Tanna, Partner and Head of India Private Equity at KKR, added: “Darwinbox has rapidly emerged as a leader in the human capital management space by focusing on innovation and customer-centricity.

“We are pleased to support the company in its next phase of growth and will leverage our global network and expertise to accelerate its international expansion.”

Globally, over three million employees from leading brands—including Starbucks, Nivea, AXA, Cigna, WeWork, Crisil (an S&P company), and T-Systems—rely on Darwinbox’s platform for modern HR management.

Recent product launches, including a multi-country payroll solution and enhanced GenAI features, further demonstrated the company’s commitment to next-generation HR technology.

Partners Group invested through its growth equity strategy, which applies a thematic approach to identifying high-potential growth-stage companies globally. Since its first growth investment in 2013, Partners Group has deployed approximately US$2.5 billion in this space, with recent investments in Lumin Digital (a cloud-native digital banking provider) and Neara (one of the first AI-powered predictive modelling platforms for critical infrastructure).

KKR made its investment from its Asia Next Generation Technology strategy, which supports high-growth, disruptive companies across consumer technology, software, and FinTech.

This latest investment in India and the region follows KKR’s backing of companies such as Rebel Foods (India’s leading internet restaurant company), Lenskart (an omni-channel eyewear retailer), Livspace (a home interior and renovation platform), KiotViet (a SaaS platform for SMBs in Vietnam), and Privy (a digital trust provider in Indonesia).

Avendus Capital acted as the financial advisor and investment banker for this transaction.