Employee control app PagarBook has obtained clean funding from new buyers with a two-fold bounce in its valuation inside six months.
The Bengaluru-primarily based totally business enterprise has allocated 1,213 Series A3 desired stocks at an issuance charge of Rs 263,719.forty six to Moneta Ventures, A$AP Capital, AngelList and PA Fund I which appears to be an SPV floated with the aid of using Silicon Valley Bank (SVB) to elevate Rs 32 crore or $four.four million.
Moneta and SVB have infused $2 million every whilst A$AP and AngelList have positioned withinside the closing amount, regulatory filings display.
It’s really well worth noting that the charge according to percentage has shot up 2.04X considering December 2020 whilst it raised $15 million in its Series A spherical at Rs 129,460.ninety two according to percentage.
Fintrackr’s estimates display that PagarBook’s valuation has surged 2X from $50 million in Series A spherical to a bit over $a hundred and one million on this spherical.
According to Entrackr’s sources, that is a top-up spherical for PagarBook which has materialised after its Series A spherical. Sources additionally stated that PagarBook is in early talks with numerous buyers to elevate a Series B spherical.
Fintrackr has additionally decoded the business enterprise’s modern shareholding shape and the co-founders Adarsh Kumar and Rupesh Kumar Mishra have 19.08% and 15.61% stake respectively withinside the business enterprise. The 0.33 co-founder Arya Adarsha Gautam holds 2.61% stake.
PagarBook’s early backer Sequoia Capital is the biggest stakeholder withinside the business enterprise with 34.8% stake accompanied with the aid of using India Quotient with 15.96%.
Launched in early 2020, PagarBook affords software program for attendance, salaries, increase bills and payroll control thru a cellular and laptop app. The app is to be had throughout 12 languages and has a presence in over 650 districts in India. The business enterprise claims to have extra than one million month-to-month energetic SMEs at the platform and it manages kind of 2-2.5% of the entire SME workforce.
While PagarBook remained the only participant withinside the workforce control area for preliminary few months, the access of Khatabook (Pagarkhata) and OkCredit (OkStaff) in its specialty has made the opposition extra intense.
Sequoia Capital-sponsored Khatabook is likewise in talks to elevate a $one hundred million spherical. Entrackr had solely said the improvement on May 28.
