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Total amount raised
$22M
Latest funding date
2025-04-21
Location
PagarBook has successfully raised funds through 4 distinct funding rounds, attracting the support of 7 investors, including notable names like Peak XV Partners and FEBE Ventures. The platform is designed to streamline staff attendance, salary management, and compliance tasks for small and medium enterprises.
What Is PagarBook?
PagarBook, developed by Gyankaar Technologies Pvt Ltd., is a software solution designed to manage staff attendance, salary, payments, and compliances. The company is located in Bangalore, Karnataka, India, and has an employee count between 251-500.
Operating in the software industry, PagarBook offers various products tailored to different business needs, including premium features like selfie and location-based attendance, payroll management with PF/ESI, and touchless facial attendance powered by AI. The platform is widely used across India, with a significant presence in over 650 districts and support for more than 10 languages.
How Much Funding Has PagarBook Raised?
- Seed Round
- Amount Raised: ~$665,000 (approx. Rs 4.9 crore)
- Date: June 2018
- Lead Investors: India Quotient
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and establish a market presence.
- Seed Round
- Amount Raised: ~$2,100,000 (approx. Rs 16 crore)
- Date: June 2020
- Lead Investors: Surge (Sequoia Capital India)
- Participants: India Quotient
- Valuation at Round: ~Rs 61 crore (~$8 million)
- Motivation Behind the Round: To scale the product and grow the user base among Indian SMEs.
- Series A (Tranche 1)
- Amount Raised: ~$7,000,000 (approx. Rs 51 crore)
- Date: October 2020
- Lead Investors: Surge (Sequoia Capital India)
- Participants: IQ Alpha (India Quotient)
- Valuation at Round: ~$44,500,000
- Motivation Behind the Round: To scale the business and enhance the app's features.
- Series A (Tranche 2)
- Amount Raised: ~$8,000,000 (approx. Rs 59 crore)
- Date: December 2020
- Lead Investors: Sequoia Capital India (Peak XV Partners)
- Participants: India Quotient
- Valuation at Round: ~$50,000,000
- Motivation Behind the Round: To further scale operations, add financial products, and expand market reach.
- Series A3
- Amount Raised: ~$4,400,000 (approx. Rs 32 crore)
- Date: June 2021
- Lead Investors: Undisclosed
- Participants: MV Opportunities India, PA Fund I (SVB SPV), A$AP Capital, AngelList
- Valuation at Round: ~$101,000,000
- Motivation Behind the Round: To expand platform capabilities and grow into new markets.
- Series A4
- Amount Raised: Undisclosed
- Date: Undisclosed (prior to April 2025)
- Lead Investors: Undisclosed
- Valuation at Round: ~Rs 1,084 crore (~$127,000,000)
- Motivation Behind the Round: To scale operations and expand the platform's capabilities.
- Series A5
- Amount Raised: ~$1,200,000 (approx. Rs 10 crore; a larger tranche of Rs 25 crore including Triton Fund participation was also reported)
- Date: April 2025
- Lead Investors: Peak XV Partners (initial tranche); Peak XV Partners and Triton Fund (subsequent tranche)
- Valuation at Round: ~Rs 163 crore (~$19,000,000) — an approximately 85% drop from the Series A4 valuation
- Motivation Behind the Round: To support continued operations following the company reaching cashflow positivity in March 2025.
PagarBook has raised a total of at least $22,000,000 based on disclosed funding (multiple sources cite ~$22M total; Series A4 amount is undisclosed). The current valuation is ~Rs 163 crore (~$19 million) as of the Series A5 round.
Key Investors
- Peak XV Partners (formerly Sequoia Capital India)
- Details: Peak XV Partners (rebranded from Sequoia Capital India in 2023) is a leading venture capital firm investing in early- and growth-stage companies across India and Southeast Asia. They led PagarBook's Series A rounds and the Series A5 round.
- Investment Focus Areas: Technology, healthcare, consumer services, enterprise software
- Notable Investments: Flipkart, Byju's, OYO Rooms, Meesho
- India Quotient
- Details: India Quotient is an early-stage venture capital firm focused on Indian consumer and technology startups. They participated in PagarBook's seed round and Series A rounds.
- Investment Focus Areas: Consumer internet, SaaS, fintech
- Notable Investments: ShareChat, Licious, Fashinza
- Surge
- Details: Surge is a rapid scale-up program by Sequoia Capital India (now Peak XV Partners), designed to supercharge early-stage startups with funding, mentorship, and resources.
- Investment Focus Areas: Technology, consumer internet, enterprise software
- Notable Investments: Khatabook, Doubtnut, Classplus
- Triton Fund
- Details: Triton Investment Advisors (India) is a venture capital fund that co-led PagarBook's Series A5 round alongside Peak XV Partners.
- Investment Focus Areas: Enterprise technology, SME-focused platforms
- Notable Investments: PagarBook
What's Next for PagarBook?
As PagarBook continues to expand its user base among small and medium enterprises (SMEs), the opportunities for growth are immense. With over 3 million registered SMEs managing payroll for more than 6 million employees, the platform is well-positioned to enhance its features and introduce new languages and regional customizations to cater to a broader audience.
Future fundraising opportunities look promising, with the company expected to receive more capital in the coming months. This influx of funds will enable PagarBook to scale its operations, invest in marketing, and enhance its app's functionality, including automated compliance management and integration with other business tools.
However, PagarBook may face challenges such as competition from other employee management and payroll software providers, maintaining data security and privacy, and ensuring the app remains user-friendly across different languages and regions. Despite these hurdles, the increasing digitization of payroll and employee management processes among SMEs and the growing demand for multi-language support present significant growth opportunities for the platform.
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