Darwinbox Raises $140 Million Investment Co-led by Partners Group and KKR to Accelerate Global Expansion

Darwinbox, a leading global human resource ("HR") technology platform, today 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, will co-lead an investment of $140 million in the company, with additional participation from Gravity Holdings. The addition of Partners Group and KKR to an already-solid cap-table underscores Darwinbox's strong momentum over the recent years. The investment positions Darwinbox well to deepen its technology leadership and accelerate its international expansion plans.

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Founded in 2015, Darwinbox is a mobile-first and AI-enabled human capital management platform that serves more than 1,000 enterprises around the world. In less than a decade, Darwinbox has expanded internationally across multiple 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, the company has seen significant traction and is doubling down on its regional presence. Over the last two years, Darwinbox has built a robust and diversified global portfolio, having achieved a fivefold growth in revenue in international markets, with over 60% of new revenue coming from international markets.

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

"This investment is a testament to Darwinbox's strong fundamentals and the trust we have earned from our 1,000+ global customer base," said Jayant Paleti, Co‐founder of Darwinbox. "By placing the employee experience front and center — and ensuring our platform is deeply configurable to diverse local needs — we have helped transform HR for enterprises globally. With top-tier investors backing us, we're poised to amplify our global momentum and deliver innovative AI‐powered solutions for thousands of enterprises worldwide."

Cyrus Driver, Managing Director, Private Equity, Partners Group, comments, "Darwinbox operates in the rapidly growing HR tech market, which we have been tracking through our thematic research. The company is acting as a key disruptor to legacy platforms in this space, investing heavily in product innovation, generative AI, and global expansion, and is well positioned to take market share. We look forward to working with Darwinbox's talented management team on driving future growth. The company represents another exciting addition to our private equity growth portfolio."

Akshay Tanna, Partner and Head of India Private Equity, KKR, said, "Darwinbox has established itself as a leading player in the human capital management space in a short span of time through its focus on innovation and customer centricity. We are pleased to support Darwinbox on its next stage of growth and will look to draw from our global network and expertise to accelerate its international expansion ambitions."

Globally, over 3 million employees from leading brands — including Starbucks, Nivea, AXA, Cigna, WeWork, Crisil (an S&P company), T-Systems, and more — rely on Darwinbox's platform for modern HR management. Darwinbox's recent wave of product rollouts — highlighted by a multi-country payroll solution and enhanced GenAI features — demonstrates its commitment to next-generation HR innovation.

Partners Group invests through its growth equity strategy, which applies a thematic approach to identify investment opportunities in growth-stage companies globally. Partners Group made its first growth investment in 2013 and has deployed around $2.5 billion in the space to-date. The firm's recent growth investments include Lumin Digital, a leading cloud-native digital banking provider, and Neara, one of the first AI-powered predictive modeling software platforms for critical infrastructure.

KKR makes its investment from its Asia Next Generation Technology strategy, which seeks to support the growth of innovative, disruptive companies in Asia across consumer technology, software, and FinTech. This marks KKR's latest growth equity investment in India and the region, including Rebel Foods, an internet restaurant company in India; Lenskart, an omni-channel eyewear retailer; Livspace, an omni-channel 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 on this transaction.

About Darwinbox

Founded in 2015, Darwinbox is a global HR tech leader that empowers enterprises to better manage their talent with new-age employee experiences and disruptive AI-powered technology. Its cloud-based Human Capital Management (HCM) software caters to an organisation's HR needs across the entire employee lifecycle. Darwinbox is trusted by over 3 million employees from more than 1000 enterprises across 130 countries. Darwinbox has been backed by global investors like TCV, Microsoft, Salesforce Ventures, Peak XV, Lightspeed and Endiya Partners among others.

About Partners Group

Partners Group is one of the largest firms in the global private markets industry, with around 1'800 professionals and over USD 150 billion in assets under management. The firm has investment programs and custom mandates spanning private equity, private credit, infrastructure, real estate, and royalties. With its heritage in Switzerland and primary presence in the Americas in Colorado, Partners Group is built differently from the rest of the industry. The firm leverages its differentiated culture and its operationally oriented approach to identify attractive investment themes and to build businesses and assets into market leaders. For more information, please visit www.partnersgroup.com or follow us on LinkedIn.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE:KKR), please visit KKR's website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at www.globalatlantic.com.

About Gravity Holdings

Gravity Holdings is a technology growth equity firm. Gravity invests in technology businesses whose persistent competitive advantages support unusually high growth and cash generation over the long term. Gravity leverages its global network to unlock bespoke growth opportunities for the firm's small handful of partnerships. For further information please visit www.gravityholdings.com.

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Media Contacts

For more information, please contact:

For Darwinbox

Rishita Chiranewala

[email protected]

For Partners Group

Henry Weston

[email protected]

For KKR Asia Pacific

Wei Jun Ong

[email protected]