Staff the board arrangements supplier PagarBook on Thursday said it raised $15 million (about Rs 110 crore) in Series A subsidizing drove by Sequoia Capital. The round likewise observed support from India Quotient.
The assets brought will be spent in additional item improvement and to drive client procurement, an assertion said.
The startup likewise plans to add monetary items, for example, installments and credit for MSMEs and their representatives on the stage over the coming year, it added.
Already, PagarBook had raised a seed round from India Quotient and Sequoia Capital India’s quick scale-up program Surge.
Dispatched in December 2019, PagarBook helps SMEs save time on overseeing and keeping up participation records, accelerating installment cycles, decreasing debates, taking out human mistakes in pay figuring, installment of compensations, and different parts of human asset the board through a simple to-utilize labor force the executives application.
The startup — which was established by Adarsh Kumar, Arya Adarsha Gautam, and Rupesh Kumar Mishra — as of now has more than 5,000,000 SMEs enrolled on the stage, and is accessible in 11 Indian dialects. In the previous seven months, the application has gone from two or three thousand to in excess of 5,000,000 downloads on the Google Play Store.
“India’s 60 million SMEs and its 400 million enormous labor forces contribute about 30% of India’s GDP, yet at the same time come up short on a confirmed monetary and expert impression in any coordinated innovation biological system. Thus, they are avoided with regard to the standard monetary environment,” said Rupesh Kumar Mishra, Co-organizer of PagarBook.
PagarBook addresses this huge hole with its computerized human resources stage for SMEs.
“We are right now overseeing around two percent of India’s SME labor force, and before the finish of 2021, we plan to become 5X and take this figure to 10 percent,” Mishra said.
Ashish Agrawal, Principal, Sequoia India, stated, “Over the most recent a half year, PagarBook has become over 100X and now tracks participation and cycles finance for a great many Indians.”
