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PagarBook’s valuation crosses $100 Mn after fresh funding

Saransh Pandey

Intern
  • June 07, 2021
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    MVO and SVB have infused $2 million each while A$AP and AngelList have put in the remaining amount, regulatory filings show.

Employee management app PagarBook has received fresh investment from new investors with a two-fold jump in its valuation within six months. The Bengaluru-based company has allotted 1,213 Series A3 preferred shares at an issuance price of Rs 263,719.46 to MV Opportunities India (MVO), A$AP Capital, AngelList, and PA Fund I which seems to be an SPV floated by Silicon Valley Bank (SVB) to raise Rs 32 crore or $4.4 million.  

MVO and SVB have infused $2 million each while A$AP and AngelList have put in the remaining amount, regulatory filings show. The price per share has shot up to 2.04X since December 2020 when it raised $15 million in its Series A round at Rs 129,460.92 per share.  

Reports show that PagarBook’s valuation has surged 2X from $50 million in Series A round to a little over $101 million in this round. According to reports, this is a top-up round for PagarBook which has materialised after its Series A round. Sources also said that PagarBook is in early talks with several investors to raise a Series B round.  

Co-founders Adarsh Kumar and Rupesh Kumar Mishra have 19.08% and 15.61% stake respectively in the company. The third co-founder Arya Adarsha Gautam holds a 2.61% stake. PagarBook’s early backer Sequoia Capital is the largest stakeholder in the company with a 34.8% stake followed by India Quotient with 15.96%. 

Launched in early 2020, PagarBook provides software for attendance, salaries, advance payments, and payroll management through a mobile and desktop app. The app is available across 12 languages and has a presence in over 650 districts in India. The company claims to have more than a million monthly active SMEs on the platform and it manages roughly 2-2.5% of the whole SME workforce.  

  

 

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