Sequoia Capital & India Quotient-backed human capital platform, PagarBook which offers staff attendance and payroll solutions to MSMEs, today announced that over 5 lakh of Gujarat’s small & medium business employees received their first ever payslips, serving as proof of employment and a valid document to show their creditworthiness and making them eligible for loans from financial institutions.
This comes as a welcome relief to many employees; especially as micro and small enterprises continue to reel under the impact of COVID-19. The company is also working towards adding financial products such as payments and credit for MSMEs and their employees on the platform soon.
More than 12 lakh of Gujarat’s Small and Medium Enterprise (SME) employees are currently being managed for their attendance and payroll information using the PagarBook app. The application also offers a unique biometric solution called ‘India ka Smart Biometric’, whereby the biometric device wirelessly syncs staff attendance with its mobile app and desktop software.
Adarsh Kumar, Co-Founder, PagarBook opined “We have managed to bring great relief to 12% of this majestic state’s MSME populace. I look forward to PagarBook doing the same for every micro, small and medium enterprise owner, across the state of Gujarat. Our vision is to be the Partner-in-Chief of every MSME, the solution to their every problem, the friend in every need, not only in Gujarat, but India at large”.
With a highly diversified industrial structure, which places it at the forefront of the micro small and medium enterprise revolution in India, Gujarat boasts of 4,00,000 MSMEs. The state has a GDP of USD 150+ billion, and its strong MSME populace is one of the key reasons it was chosen to be the venue of the inaugural volume for the Global Business Summit.
India is home to 63 million MSMEs who contribute over 29% to the national GDP. According to a study by PagarBook, more than 50% of SME owners suffer every month because of the complex financial and staff management record maintenance. PagarBook provides a structured solution to small and medium enterprises for employee’s salary, work and attendance management. The mobile and desktop applications manage attendance, and staff pay-outs, enabling SMEs to handle all their employee-related tasks in a single app, which synchronizes across multiple devices in real-time.
PagarBook raised USD15 million in its Series A, led by Sequoia Capital with participation from India Quotient, in Q4 FY20. Prior to this, the start-up had raised a seed round from India Quotient and Sequoia Capital India’s rapid scale-up program Surge.