Technology Stocks

Salesforce.com Inc. (NYSE:CRM) Makes First Investment In India Through $15 Million Investment In Darwinbox

Salesforce.com Inc. (NYSE:CRM) has invested in Indian startup Darwinbox. Darwinbox is a human resource software developer serving most of Asia’s largest tech start-ups.

Salesforce invests $15 million in Darwinbox

This is the first investment the customer relations management company is making in India and the only one in Asia besides Japan. The Hyderabad-headquartered startup has raised $35 million so far with backers including Sequoia Capita, 30ne4 Capita, and Lightspeed India among others. Salesforce’s venture arm is leading a $15 million financing round for the startup.

Currently, Darwin boasts of some of the leading global brands and Asian startups as its clients. Some of the customers include Nivea, Puma, Singapore’s Zilingo, and Indonesian online mall Tokopedia. The company creates touchless attendance systems and provides employee engagement and hiring and onboarding tools to over one million employees of 500 customers in 60 countries. The last time the Darwinbox raised funds was in 2019 and has since grown 3005.

The company’s co-founder Jayant Paleti indicated that the adoption of cloud-based services by businesses has almost doubled the global average pre-pandemic. Paleti who is an ex-investment banker co-founded Darwinbox in 2015 alongside a former McKinsey consultant. He said that since the COVID-19 pandemic started there has been a shift of businesses to cloud in the past quarter which could have taken up to three or four years.

Darwinbox seeing a surge in demand for its services

Darwinbox saw a surge in adoption during the pandemic as businesses sought to ensure continuity at the same time managing the safety of remote workers. Paleti explained that the surge in demand for the company’s modern and agile human capital management platform is a result of most enterprises shifting from legacy offerings.

Salesforce Ventures’ International partner and head Alex Kayyal said that over the past year cloud adoption in Asia has grown at a faster pace and thus amplified the need to go digital. He said that Darwinbox is bringing innovation to the leading enterprises in Asia and has become a platform of choice for most businesses.

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