Ontario Teachers', Peak XV Partners, and Lightspeed Make Headlines Together
The Ontario Teachers' Pension Plan (OTPP) is on the brink of finalizing a significant investment in Indian HR tech startup Darwinbox, valued at over $1 billion. According to a report by The Economic Times, the deal, worth approximately $50 million, is nearing completion but has yet to be officially closed as of early August 2025.
The investment is a mix of primary funding into Darwinbox and secondary transactions, allowing earlier investor Peak XV Partners to partially liquidate its six-year-old stake in the company. The deal values Darwinbox at a unicorn valuation, an increase from the approximately $950 million valuation in the March 2025 funding round involving firms like KKR and Partners Group.
Darwinbox, based in Hyderabad, India, has been aggressively expanding, targeting revenue growth driven in part by the U.S. market. The company now serves over 1,000 enterprises worldwide.
The investment by OTPP reflects a growing interest among large pension funds in Asian HR SaaS startups, as they seek long-term returns. However, the exact terms and conditions of the proposed investment by OTPP are not specified in the report.
Meanwhile, Lightspeed Venture Capital firm is also looking to invest separately in an Indian startup. The details of the investment by Lightspeed are not yet clear, as they are not specified in the same report.
As the investment by OTPP in Darwinbox is still in the final stages, more details about the valuation and other terms are expected to be revealed upon the official closing of the deal.
[1] The Economic Times: OTPP to invest $50 million in Darwinbox [2] The Economic Times: Darwinbox valued at over $1 billion after OTPP investment [3] The Economic Times: Lightspeed Venture Capital to invest in Indian startup [4] The Economic Times: Terms and conditions of OTPP's investment in Darwinbox not specified
Please note that this article contains premium content available only to Premium members. To become a Premium member, please follow the instructions provided. For current members, you can log in using the provided link.
The Ontario Teachers' Pension Plan (OTPP) is investing in technology by allocating funds into Indian HR tech startup Darwinbox, demonstrating an interest in technology-driven businesses. Furthermore, Lightspeed Venture Capital firm is also reportedly planning to invest in another Indian startup, indicating investments in technology remains a focus area.
