HR tech platform Drawinbox announced on Tuesday that it has raised $72 Mn in its Series D round. Technology Crossover Ventures led the round while existing investors Salesforce Ventures, Sequoia India, Lightspeed India and others took part in the round.
According to Drawinbox’s official statement, the company clocked the post-funding valuation of more than $1 Bn following the series D round. This makes Drawinbox the fourth unicorn of this year and takes its total external funding to over $110 Mn. It is the first startup from the HR space to clock a billion dollar valuation. It is also the first SaaS startup to join the unicorn club in the ongoing calendar year.
Last year, the company secured a $15 Mn in a funding round led by Salesforce Ventures. This was CRM giant Salesforce’s first major investment in India.
The company said that among other things the funds will be mainly used for expanding its presence in South Asia, SEA and MENA. The company further added that it is gearing up to launch its product in the U.S. later this year.
Drawinbox is a cloud-based HR platform that caters to all the important needs of the HR industry. From payroll management, interview processing & recruitment and analytics across life cycle management.
Usually big as well as mid-size companies heavily rely on HR SaaS software to meet their HR needs efficiently.
Drawinbox was founded in 2015 by Chaitanya Peddi, Jayant Paleti and Rohit Channamaneni.
With Indian startup industry witnessing fourth unicorn in the first month of 2022 itself, there is every possibility this year too will be a good year for startups pursuing the unicorn dream. That said, many market experts keep questioning these lofty valuations especially after the Paytm IPO debacle.