PagarBook, a staff management solutions provider on Thursday said it has raised USD 15 million (about Rs 110 crore) in funding led by Sequoia Capital, which also saw participation from India Quotient in funds from Series A round, which will be used in further product development and to drive customer acquisition.
The company also plans to add financial products such as payments and credit for Micro, Small & Medium Enterprises (MSMEs) and their employees on the platform over the coming year, it added.
Previously, PagarBook had raised a seed round from India Quotient and Sequoia Capital India’s rapid scale-up program Surge.
Ashish Agrawal, Principal, Sequoia India said in the last six months, PagarBook has grown over 100x and now tracks attendance and processes payroll for millions of Indians.
PagarBook, which was founded by Adarsh Kumar, Arya Adarsha Gautam and Rupesh Kumar Mishra in December 2019, helps small and medium enterprises (SMEs) save time on managing and maintaining attendance records, speeding up payment cycles, reducing disputes, eliminating human errors in wage calculation, payment of salaries and various other aspects of human resource management through an easy-to-use workforce management app.
PagarBook currently has over 5 million SMEs registered on the platform. The app is available in 11 Indian languages. In the past seven months, the app has gone from a few thousand to more than 5 million downloads on the Play Store.
‘India’s 60 million SMEs and its 400 million large workforce contribute roughly 30 percent of India’s GDP, but still lack a verified financial and professional footprint in any organized technology ecosystem. As a result, they are left out of the mainstream financial ecosystem,’ Rupesh Kumar Mishra, co-founder of PagarBook, said.
PagarBook addresses this massive gap with its digital human capital platform for SMEs.
‘We are currently managing around 2 percent of India’s SME workforce and by the end of the calendar year 2021, we aim to grow 5x and take this figure to 10 percent,’ Mishra said.
