Funding Alert: PagarBook Set To Pick Up $7 Million From Sequoia Capital

• Bangalore based startup PagarBook is all set to pick up $7 million investment from Sequoia capital.
• PagarBook is a platform for staff management like attendance, salary & work.
• The platform is having 700k active business partners who have been using their platform.

Bangalore based startup PagarBook is all set to pick up $7 million (Rs 49 crores approx) from the American venture capital firm sequoia capital.

Pagarbook is a free app that aims to deliver staff management services like attendance, work, Payroll management, and employees' salary to small and medium businesses. Currently, Its mobile app having 10M+ downloads on the Google Play Store.

According to the company statement, The platform is having 700k ( 7 Lakh) active business partners who are using their services.

American VC firm Sequoia capital is already an existing investor in PagarBook. said, one of the anonymous sources.

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“Impressed with the initial traction, Sequoia is set to double down its stake in PagarBook. The talks have been on for the past two months and a term sheet has already been given by Sequoia,” said one of the sources on condition of anonymity. 

Furthermore, The platform was founded in 2019 by Adarsh Kumar and Rupesh Kumar Mishra, PagarBook has already raised Rs 15.2 crore and Rs 30 lakhs from Surge Ventures and Kunal Shah’s QED Innovation respectively.

According to the Fintrackr reports, the company was valued around Rs 65 crore in that round and Kumar remains the biggest shareholder controlling 32.04% stake followed by Mishra who holds 26.21% stake.

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