Stake sale · Enterprise Software & IT

TVG increases stake in Darwinbox via secondary buy

By Startup Enthusiast · 15 September 2026

What they do

Darwinbox is a cloud-based HCM platform for global enterprises

TVG bought additional shares in a secondary transaction estimated at $40M

The deal provides liquidity to existing shareholders; Darwinbox gets no new capital

TVG (Teachers’ Venture Growth) increased its stake in Darwinbox through a secondary share purchase.
The transaction value was not officially disclosed; external reports estimate it at ~$40M.
TVG's cumulative investment in Darwinbox is estimated at $80 million.
TVG first invested in Darwinbox in August 2025, leading a $40M round (primary + secondary).
This secondary sale provides liquidity to existing shareholders; no new capital reaches Darwinbox.
TVG’s cumulative investment in Darwinbox is now estimated at ~$80M.
TVG managing director is Darius Vakil.

TVG’s increased stake signals confidence in Darwinbox’s growth and AI strategy.
Darwinbox launched Darwinbox Cortex in August 2026, an AI-native HCM platform.
The company serves 1,400+ organisations and 4.5M employees globally.
It has grown at 70% CAGR over the past five years.
TVG’s first India investment was in Xpressbees ($80M in 2023); it also invested in Perfios, Mintifi, Neysa.

Darwinbox is a cloud-based HCM platform covering core HR, payroll, recruitment, performance management, and employee engagement.
It is a mobile-first, AI-native HCM platform for global enterprises.
Key markets include the US, India, Middle East, and Southeast Asia.
It serves 1,400+ organisations and 4.5M employees globally.
The company has grown at 70% CAGR over the past five years.
In August 2026, it launched Darwinbox Cortex, an AI-native platform with Context Graph.
Cortex was built with technology partners Microsoft, Slack, and Glean.
Pilot customers for Cortex include Visteon and Transcarent (Fortune 1000 companies).
Clientele includes Bharti AXA, JSW, Adani Wilmer, L&T, Licious, and PhysicsWallah.

TVG (Teachers' Venture Growth) (buyer) — Late-stage venture and growth investment arm of Ontario Teachers’ Pension Plan.

Product: HR tech platform
Customers: Enterprises and mid-market businesses using HR software
How it makes money: SaaS subscriptions for cloud HR and HCM software
What sets it apart: Cloud HR platform with AI and ML across the employee lifecycle