Darwinbox, a rapidly expanding AI-powered Human Capital Management (HCM) platform, has secured US$40 million in investment from Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan. This funding aims to accelerate Darwinbox’s North American growth and innovation in agentic AI, meeting the rising demand for modern alternatives to traditional HR systems. Darwinbox has experienced 3X year-on-year growth in the region, serving global enterprises like EXL, Virtusa, Orion Innovation, Ephicacy, Apollo.io, Nivea, WeWork, Zara, Starbucks, and Adidas.
With HR technology solutions deployed across 1,000+ enterprises and supporting 4 million employees in 130 countries, Darwinbox is increasing its investment in agentic AI innovation. It’s become the first HCM platform supporting the Model Context Protocol (MCP), enabling secure AI agent interactions within its system. This investment complements Darwinbox’s recent US$140 million round led by Partners Group and KKR in March 2025. TVG’s investment involves acquiring a stake through both primary and secondary transactions. TVG’s expertise in scaling technology companies internationally complements an investor base including KKR, Partners Group, Microsoft, Salesforce, Peak XV, Lightspeed, and TCV.
Darius Vakil, Director of TVG in India, stated, “We are pleased to partner with an exceptional team that has built and scaled Darwinbox into a leading HR technology company…Darwinbox continues to drive impressive adoption across large enterprises globally. We look forward to bringing our global network and expertise to support the company’s future growth.”
Jayant Paleti, Co-Founder of Darwinbox, added, “We’re thrilled to welcome TVG as partners…Darwinbox exists to change that story, building the next-gen HCM company, global by design, AI‑first at the core, and relentlessly focused on customer outcomes.” Gartner and Forrester recognize Darwinbox for its broad functionality, user experience, and AI innovation. Darwinbox is the youngest HCM suite in Gartner’s Magic Quadrant for Cloud HCM Suites and a Customer’s Choice HCM for the 4th year in Gartner® Peer Insights™ Voice of Customer report, surpassing competitors in ratings. Darwinbox is expanding its presence in the US, Southeast Asia, and MENA, aiming to shape the future of work. Avendus Capital served as the financial advisor for Darwinbox in this transaction.
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