Bangalore-based staff management app PagarBook has raised $15 million in its Series A funding round led by existing investors Sequoia Capital. The round also saw participation from India Quotient. Both investors had backed the Bengaluru-based startup in its seed 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.
“India’s 60 million SMEs and its 400 million large workforce contribute roughly 30% of India’s GDP, but still lack a verified financial and professional footprint in any organised technology ecosystem. As a result, they are left out of the mainstream financial ecosystem. At PagarBook, we address this massive gap with our digital human capital platform for SMEs,” said Rupesh Kumar Mishra, co-founder of PagarBook
According to PagarBook, fresh proceeds will be used in product development and customer acquisition. It also plans to add financial products such as payments and credit for MSMEs and their employees on its platform in 2021.
Announcement: PagarBook Raises $15M for Staff Management