Darwinbox introduces a platform that will help businesses streamline their payroll processes

HR technology unicorn Darwinbox has implemented a payroll platform with the RIVeR (Review, Initiate, Verify and Electronically Approve, Issue and Report) framework to facilitate 100% digital payroll processing

According to the company, the four-step approach aims to make payroll management fully online, accurate, user-friendly and audit-ready

Founded in 2015, Darwinbox provides cloud-based HCM software and is backed by investors including TCV, Microsoft, Salesforce Ventures, Peak XV, Lightspeed, and Endiya Partners

As part of its efforts to further support technological innovation, HR tech unicorn DarwinBox implemented a payroll platform based on the RIVeR framework (Review, Initiate, Verify and Electronically Approve, Release and Report) to enable 100% digital payroll processing.

According to the company, this four-step approach aims to make payroll management completely online, accurate, user-friendly and audit-ready.

“By providing a single system, process and dashboard, the company aims to streamline and increase the efficiency of its global payroll processes across geographies,” the statement reads.

With this new offering, Darwinbox aims to redefine payroll management by providing a breakthrough solution that streamlines and increases the efficiency of organizations.

Existing payroll systems in India often suffer from fragmented processes, resulting in manual interventions, high error rates, increased audit risk, and time-consuming reconciliations. These issues are exacerbated as companies grow, especially across geographies, and Darwinbox’s integrated payroll offering, powered by a comprehensive HCM platform, aims to address these challenges.

The payroll solution includes automated data flows from CoreHR and workforce management, ensuring accurate payroll processing with minimal errors. It provides in-flow reconciliation and e-verification on a unified dashboard, eliminating the need for manual data extraction and simplifying approvals. It also includes control and compliance features such as detailed audit trails and rigorous data control, enabling organizations to maintain high audit standards and avoid hidden costs, the statement added.

Chaitanya Peddi, Co-founder, Darwinbox, said, “Existing payroll systems in the market were in need of modernization to meet the changing needs of large enterprises that continue to grapple with complexities and gaps in payroll management. With this latest innovation, organizations can now consolidate all their payroll operations into a single system and dashboard, streamlining processes across geographies and engaging all stakeholders.”

“The same framework will soon be extended to other regions in Southeast Asia

and the Middle East, where our clients operate,” he added.

The company currently serves over 900 customers in over 130 countries, including household names such as Adani, MatchMove and Mahindra. It has also expanded its reach into key international markets such as the US and the UK.

Founded in 2015, Darwinbox offers cloud-based HCM software and is backed by investors including TCV, Microsoft, Salesforce Ventures, Peak XV, Lightspeed, and Endiya Partners.

Darwinbox achieved unicorn status in January 2022 after raising $72 million in a funding round led by Technology Crossover Ventures (TCV).

Meanwhile, the startup’s consolidated loss increased by more than 7.6X to INR 66.6 Cr in fiscal year 2021-2022 (FY22) from INR 8.7 Cr in the previous fiscal year on the back of a sharp increase in employee benefit expenses.

Despite this, the company’s operating revenue more than doubled to INR 116.7 Cr in FY2022, as compared to INR 50 Cr in FY2021.

In the HR technology sector, startup competes with companies like Workday, Oracle Fusion and others. Fortune Business Insights report estimates that the global HR technology sector will grow to over $81.84 billion by 2032with a compound annual growth rate (CAGR) of 9.2% between 2024 and 2032.