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PagarBook, a staff management solutions provider, has raised $15 million in Series A funding led by Sequoia Capital and with participation from India Quotient.
This follows the seed funding PagarBook had raised from India Quotient and Sequoia Capital India.
The company will use the fresh funds for 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 over the coming year, the company said in a statement.
“India’s 60 million SMEs and its 400 million large workforce contribute roughly 30 per cent 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,” Rupesh Kumar Mishra, Co-founder at PagarBook said.
“We are currently managing about 2 per cent of India’s SME workforce and by the end of calendar year 2021, we aim to grow five times,” he added.
PagarBook helps 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 a workforce management app.
Currently, PagarBook has over five million SMEs across 3,000 locations registered on the platform. The app is available in 11 Indian languages.
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