Employee management software solution PagarBook said that it has raised $15 million (around Rs 110 crore) in its latest funding round led by Sequoia Capital. The round also saw participation from India Quotient.
PagarBook said the funds raised will be utilised in further product development and to drive customer acquisition. The company’s platform helps small and medium enterprises (SMEs) to save time in managing and maintaining attendance records, speeding up payment cycles, payment of salaries, reducing disputes and eliminating human errors, among others through its easy-to-use workforce management app. It also plans to add financial products such as payment options and credit for MSMEs and employees on its platform over the next year. 
“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,” said Rupesh Kumar Mishra, Co-Founder, PagarBook.
PagarBook was founded by Adarsh Kumar, Arya Adarsha Gautam and Rupesh Kumar Mishra and has released its platform in December 2019. Currently, it has over 5 million SMEs registered on its platform and its app has witness growth from a few thousand downloads to more than 5 million downloads in past seven month on Google Play Store. Previously, the startup has raised seed round from early stage investor India Quotient and Sequoia Capital India’s rapid scale-up program Surge.