Darwinbox secures $40 million in a follow-on funding round led by Ontario Teachers' Pension Plan to enhance its software-as-a-service offerings.

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HR tech platform Darwinbox has more than tripled its valuation to become a unicorn in a new $72 million funding round as the Indian startup leads what an investor calls the “SaaSification of Asia” trend. Existing investors including Lightspeed Venture Partners, Sequoia Capital India, Salesforce Ventures, 3One4 Capital and SCB 10X also participated in the round, which pushes Darwinbox’s all-time raise to over $110 million and values it at over $1 billion, the six-year-old startup said. The startup said its revenue doubled last year and grew by three times in the Southeast Asia region, which accounts for about 20% of its overall revenue. The startup is eyeing to add some of those product offerings by the way of merging with or acquiring startups, said Peddi. Darwinbox operates a cloud-based human resource management platform. “I am delighted to back an outstanding team that is doing exactly that in a highly impactful, fast-evolving HR technology space and partner with them on their journey to global HCM leadership.”Darwinbox is part of a cohort of startups that is building from Asia for the world, said Dev Khare, a partner at Lightspeed Venture Partners.