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Asia HR tech platform Darwinbox becomes unicorn with TCV-led $72 million funding

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Asia HR tech platform Darwinbox becomes unicorn with TCV-led  million funding

HR tech platform Darwinbox more than tripled its valuation in a new $72 million funding round, making it a unicorn as the Indian startup spearheads what investors call the “SaaSization of Asia.”

Investor Technology Crossover Ventures (TCV), known for backing companies including Netflix, Meta, Spotify and Airbnb, led the Hyderabad-based startup’s $72 million Series D funding round.

Existing investors including Lightspeed Venture Partners, Sequoia Capital India, Salesforce Ventures, 3One4 Capital, Endiya Partners, and SCB 10X also participated in the round, which brings Darwinbox’s historical fundraising to over $110 million and a valuation of over $110 million. $1 billion. said the six-year-old startup.

Darwinbox operates a cloud-based human resource management platform. The startup’s eponymous platform manages employees’ needs throughout the “hire-to-retire” cycle. Hundreds of companies, including Starbucks, Domino’s, recently turned decacorn Swiggy, Tokopedia, Zilingo and Kotak, use the startup’s platform to handle the onboarding of new employees, understand their performance, attrition and build a Continuous feedback loop.

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The new funding comes after a year of strong growth for Darwinbox. In an interview with TechCrunch, co-founder Chaitanya Peddi said the pandemic has accelerated Darwinbox’s growth as companies around the world scramble to find tools to coordinate and serve their employees.

The startup said its revenue doubled last year and tripled in Southeast Asia, accounting for about 20% of its total revenue.
The startup’s full-stack products — including a social network to keep employees connected and an AI assistant that can request time off or schedule meetings with quick voice commands from their phones — helped cement its status as the only Asian Gartner Featured startups in the Magic Quadrant for Enterprise Cloud HCM.

The breadth of offerings probably explains why one-third of Darwinbox’s customers today are people who previously used Oracle, SAP, and Workday’s more mature platforms.

Gopi Vaddi, general partner at TCV, said in a statement: “We are most excited about investing in visionary founders who are fundamentally changing large industries with highly resonant products.”

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“I’m excited to support an amazing team that has done this in a highly impactful, fast-moving HR technology space, and to partner with them on their journey to global HCM leadership.”

Dev Khare, a partner at Lightspeed Venture Partners, said Darwinbox is part of a wave of startups built for the world from Asia. “I’m a big believer in the SaaSization of Asia. I’m seeing an increasing market traction for Asia-facing SaaS companies, which is a sea change from what I observed five years ago,” he said on LinkedIn in 2019. wrote in the post.

Complete News Source : techcrunch

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Lifestyle

10 best activities hacks for the better lifestyle for Business Managers.

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10 best activities hacks for the better lifestyle for Business Managers.

Business managers, known for their dynamic and demanding roles, are now adopting innovative activity hacks to improve their lifestyle and well-being. Recognizing the importance of work-life balance and personal wellness, these leaders are implementing a range of activities to foster physical health, mental clarity, and overall satisfaction in their professional and personal lives.

Mindfulness at Work lifestyle

Business managers are incorporating mindfulness practices, such as meditation and deep breathing exercises, into their daily routines to reduce stress and increase focus in high-pressure situations.

Regular Exercise Breaks

Amid tight schedules, managers are embracing short exercise breaks, such as brisk walks or stretching exercises, to stay active throughout the day and boost their energy levels.

Nutrition and Healthy Eating

Prioritizing their well-being, managers are adopting healthier eating habits, including nutritious snacks and well-balanced meals, to sustain their energy during demanding workdays.

Time Management Workshops

Business managers are attending time management workshops to enhance their organizational skills, enabling them to efficiently juggle multiple responsibilities and achieve better work-life integration.

Skill Development Seminars

Recognizing the value of continual growth, managers are attending skill development seminars to stay updated on industry trends and enhance their leadership abilities.

Flexible Work Arrangements

Some forward-thinking companies are offering flexible work arrangements to business managers, providing the freedom to create a more harmonious work-life balance.

Social Engagement

Building a sense of camaraderie, managers are engaging in team-building activities and networking events to foster positive relationships within their professional circles.

Unplugging from Technology: In a digital era, managers are prioritizing personal time by unplugging from technology during non-working hours, allowing for genuine relaxation and recharging.

Pursuing Hobbies and Interests

Managers are rediscovering their passions outside of work, be it painting, gardening, or playing a musical instrument, to unwind and find fulfillment beyond their professional roles.

Encouraging Employee Wellness

Some managers are also promoting wellness initiatives within their teams, encouraging their employees to embrace similar activity hacks and lead healthier lives.

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