PagarBook, a staff management solutions provider, has raised $15 million (about Rs 110 crore) in funding led by Sequoia Capital.
The funds from the Series A round, which also saw participation from India Quotient, will be used in further product development and to drive customer acquisition, a statement said.
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.
Earlier, PagarBook had raised a seed round from India Quotient and Sequoia Capital India’s rapid scale-up program Surge.
Founded in 2019 by Adarsh Kumara, Arya Adarsha Gautam and Rupesh Mishra, PagarBook’s platform 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.
“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,” Rupesh Kumar Mishra, co-founder of PagarBook, said.
“We are currently managing around 2% 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%,” Mishra said.
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