PagarBook is an employee management platform that enables the organisation to keep track of salary, attendance and work. The Bangalore-based start-up has recently announced to raise USD 15 million in its latest Series A funding round led by Sequoia Capital India.
Existing investor, India Quotient also participated in the funding round.
PagarBook was founded last year, in 2019 by Adarsh Kumar and Rupesh Mishra and this platform basically aids Micro, Small and Medium Enterprises (MSMEs) in managing salary and attendance of its workforce in order to save time, effort, energy and to maintain transparency with the employee.
According to statistics, there are approximately 50 million MSMEs across India and all of them use traditional, manual methods to calculate these operational prospects. Digitising and using PagarBook for the task will help enterprises to keep digital attendance records of each employee and entering and leaving the premise, speed up payments by digitally calculating the salary of each employee based on the days he/she showed up which ultimately reduces human errors while calculating and avoids disputes with workforce regarding payment or leaves he/she took. Everything is digital, everything is transparent to both parties with PagarBook.
When asked about the latest infusion of funds, the company mentions utilising the money to further advancements in its existing product and invest in marketing to focus on customer acquisition and retention. According to a report by techinasia.com, the company further mentions adding new financial services such as credits and payment options for Micro, Small and Medium Enterprises and its employees in the months to come.
The company claims to have grown significantly during the COVID-19 induced lockdowns and post that phase, thanks to digital India. This wave of digitisation that struck India with the launch of affordable internet at 4G speeds has played a phenomenal role in the success of such online businesses. PagarBook is no different, in the past six months, the company has shown significant growth which evidently caught the attention of major investors like Sequoia Capital India.
Rupesh Kumar Mishra, co-founder, PagarBook claims that the platform manages about 2% of India’s SME market and by 2021, it aims to grow this figure by 5 times.
According to company’s profile on PagarBook, the start-up has raised a total of USD 17 million worth funds in over 2 financing rounds with currently 4 investors- Sequoia Capital, India Quotient, QED Innovation Labs and Sequoia Capital’s Surge.