PagarBook, the staff-management solutions company born in 2019, has managed to raise funds of $15 million in a Series A round, led by Sequoia Capital. Other investors in this round included India Quotient.
The capital raised will be used to further develop the product and “drive customer acquisition”. The platform that aims to make the lives of SME owners and employees better every day, will also add financial products, including payments and credit, which will benefit the micro, small and medium enterprises or MSMEs across the country. Its user-friendly workforce management app — available in 11 Indian languages — already helps MSMEs manage and maintain attendance records, accelerate payment cycles, keep conflicts in check, reduce human errors in wage calculation, timely payment of salaries and other facets of human resource management.
Focussing mainly on the unorganized sector, PagarBook is basically a mobile app using which any business owner or employer, with a five to 30-strong workforce, can easily manage salary, attendance and various payments of all the in a smooth and convenient way.
More than five million SMEs are already registered on the platform and the app has been downloaded by over five million users in the past seven months.
PagarBook is managing about two per cent of the Indian SME employees, and hopes to manage 10 per cent in a year’s time.