Staff management solutions provider PagarBook raised $15 mn in Series A funding led by Sequoia Capital. The round also saw participation from India Quotient.
PagarBook currently has over 5 mn SMEs registered on the platform, and is available in 11 Indian languages. In the past seven months, the app has gone from a few thousand to more than five million downloads on the Google Play Store.
The recent infusion will be used in further product development and to drive customer acquisition with plans to add financial products such as payments and credit for MSMEs and their employees on the platform over the coming year.
"India's 60 million SMEs and its 400 million large workforces contribute roughly 30 percent 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.