Darwinbox: Saasificating the Human Resources

What if I tell you

With the touch of a button on your smartphone, you can receive and give feedback to your employees and subordinates.

You can see all of your previous cycle performance and achievement in one place.

Setting goals, budgeting, and completing complex documents with all the legal requirements may all be done with a simple voice message.

No longer must you fill out a form and wait days for approval for leave or permission. Simply apply for anything related to work through your mobile app.

Look no further than our very own Darwin, who brings it all to life for you. Yes, you read that correctly. Charles Darwin created the theory of evolution, but the Darwin we're talking about was responsible for the evolution of people management.

Welcome to Darwinbox's sassification of HR!

Have you ever heard of people tech in a world full of fintech, agritech, and 10-minute delivery? Perhaps we can refer to it as our amigo talent scout. People are at the heart of any organization, but people management is one of the most underestimated functions. It is still mostly unexplored by AI and Machine Learning, the two big brothers we see everywhere these days. If we can book a cab and order food with such an amazing user experience, why not use it for our work. We can use those apps to track our previous transportation and dining actions. Why not use applications to keep track of our own professional accomplishments as well? Humans spend more than a third of their day at work, and perhaps we should make it more fun and user-friendly? Workplace user experience may need to be improved.

Three youngsters considered the situation and devised a solution. Hyderabad-based technology startup Darwinbox is the first HR-based company to turn Unicorn. After obtaining $72 million in capital for global expansion in the most recent round, it has become a unicorn. With this round, the company's valuation will surpass $1 billion, bringing the total amount of money raised by the company to more than $110 million.

Chaitanya Peddi, Jayant Paleti, and Rohit Chennamaneni, all from Andhra Pradesh and Telangana, joined together in November 2015 to create a world-class technological product that will revolutionize the way HR departments operate. After a four-year tenure in the corporate sector, two IIT-IIM alumni and an XLRI alumnus teamed together to make a dent in the human resource software product universe. While

working in consulting firms such as McKinsey and Ernst & Young, Jayant Paleti, Rohit Chennamaneni, and

Chaitanya Peddi noticed that the businesses they were assisting - to raise money - lacked proper HR functions and did not perceive HR as a strategic component.

Darwinbox Co-Founder Jayant Paleti stated, "We started with a vision to produce smarter and better technologies for the modern-day employee."

Jayant recalls a time when he was advising a business on a merger. Back in Hyderabad, a large pharma business was discussing an acquisition with a multinational company, and the founders had little information about their HR function throughout the conversation. The buying firm was making assumptions about the HR department. When the founder delved more, they discovered that the selling company had a greater attrition rate than the industry standards, raising the buying company's training and retention costs. Darwin Box was born when the founders joined together at that time.

When we look at the HR world from the inside, it is more than just recruitment and Friday huddles. HR is responsible for time management, payroll, rewards and recognition, training and development, compensation and benefits administration, performance management, labour relations, talent management, health and safety, travel and expense management, and a variety of other tasks. Companies frequently find it challenging to digitalize all of this and translate it into meaningful data points. In the field of human resources, HRMS is not a new term. For decades, well-known organizations, including SAP, Oracle, and Workday, have provided this service. What, on the other hand, does our Darwin box accomplish differently?

Darwin Box is a one-stop solution for all of the company's human resources requirements. The traditional companies were unable to customize adjustments for individual companies due to the existing infrastructure. They included HR as an additional element in their model and adding each of HR's functions cost the company a lot. DB made everything simple and user-friendly for both the company and the personnel. DB is the organization's full-fledged HR partner, and they're doing more than just managing people. DB focuses on empowering the workforce. An empowered and engaged employee is a valuable asset to any company. This is the foundation upon which DB operates. From hiring to retirement, Darwin Box is a one-stop HCM solution.

The startup's full-stack offering has helped it establish itself as the only Asian startup to be featured on Gartner's Magic Quadrant for enterprise Cloud HCM, which includes a social network for employees to stay connected with one another and an AI assistant to apply for leave or set up meetings with quick voice commands from phones.

In the year 2021, the global HCM market was valued at USD 23.60 million. The market is expected to increase at a CAGR of 9.1 percent, from USD 25.53 billion in 2022 to USD 46.85 billion in 2029. COVID-19 has had an unprecedented and devastating worldwide impact, with HCM seeing higher-than-anticipated demand in all regions compared to pre-pandemic levels.

Darwin Box bills companies on a per-user basis. They employ 700+ Darwinians (really, that's what they call their personnel) across 12 global offices. They service 650+ customers in 90+ countries and have a 1.5 million+ user base. TCV, salesforce ventures, sequoia capital, lightspeed, endiya, and 3one4 capital are among their investors.

ZingHR, a Mumbai-based HR firm formed in 2014, works on a similar hire-to-retire model. This company could be a competitor based on a similar model.

In essence, Darwin box is transforming the Human Resource Management department into People Empowerment department

Darwinbox is part of a cohort of firms that are building for the global market from Asia, and they are front-runners in SaaSification. The future of working is evolving, and the Darwin box has already begun to take it in hands. Are you ready to witness the same?

Content Credits: Ahamed Nizar