Sequoia Surge leads Series A round in employee management startup PagarBook

Sequoia Surge leads Series A round in employee management startup PagarBook
Photo Credit: 123RF.com
30 Oct, 2020

Employee management app PagarBook, owned and operated by Bengaluru-based Gyankaar Technologies, has raised around $7 million (Rs 51 crore) in its Series A funding round led by existing backer Sequoia Surge.

Sequoia Capital India’s accelerator programme Surge has infused Rs 44.21 crore, whereas IQ Alpha invested Rs 6.62 crore, as per the regulatory filings of the company.

PagarBook has allotted 10 equity and 3917 Series A1 CCPS at an issue price of Rs 129,460.92 per share to raise Rs 50.83 crore.

The company has till date raised $9.65 in funding including the current round, as per data on VCCEdge.

The startup which was founded in 2019, lets small companies maintain attendance, salaries, advance payments, payroll management. Prior to founding PagarBook, the founder duo had built a vernacular social media platform called GyanApp. Backed by India Quotient, GyanApp shut shops a year ago in October 2019.

According to its website, PagarBook has over 30 lakh registered SMEs who have managed payroll of more than 60 lakh registered employees. Its mobile app, available in 10 Indian languages, allows businesses to generate salary slips, send notifications and generate invoices.

Bengaluru-based BetterPlace Safety Solutions -- another startup offering workforce management services raised $10 million in a Series B round of funding.

Note: This article has been amended from the original to exclude unconfimed information with respect to Pagarbook's shareholding.

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