The PagarBook personnel management app raised $ 15 million in its Series A funding round led by existing investors Sequoia Capital. The round also saw the participation of India Quotient. Both investors had backed the Bengaluru-based startup in its initial round.
According to PagarBook, the 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 to its platform in 2021.
Entrackr had reported exclusively The PagarBook Series A round which started in October.
“India’s 60 million SMEs and its large 400 million workforce contribute roughly 30% 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 main financial ecosystem. At PagarBook, we address this huge gap with our digital human capital platform for SMEs, ”said Rupesh Kumar Mishra, co-founder of PagarBook in a press release.
Powered by Mishra, Adarsh Kumar, and Arya Adarsha Gautam, PagarBook enables small businesses to keep attendance, salary, prepay, payroll management via a mobile and desktop app available in 12 languages including Hindi, Hinglish, Gujarati , Punjabi, Bengali and Tamil.
According to the company’s website, it is present in over 650 districts in India and has more than 50 lakh SMEs registered on the platform. PagarBook was recently selected in the fourth cohort of Sequoia Capital Surge’s acceleration program.
While PagarBook was a single player in the space for the first 8-10 months, the entry of pocket rivals like OkCredit and Khatabook into personnel management made the segment competitive. Last month, Lightspeed-backed OkCredit and Sequoia-backed Khatabook had launched their separate staff management apps OkStaff and Pagarkhata, respectively.