Introduction
Pagarbook is a Bengaluru-based HR management software company that offers a cloud-based workforce management solution to small and medium-sized companies. The company was founded in 2019 by Rupesh Sinha and Srikant Chellappa, with the aim of providing a simple, easy-to-use solution that would help SMBs automate their HR processes. Backed by Sequoia, Pagarbook has been growing steadily in the Indian HR tech market. However, recently the company has made headlines due to layoffs.
Company History and Funding
Pagarbook started its journey in 2019 with a mission to help SMBs streamline their HR operations. The founders, Rupesh Sinha and Srikant Chellappa, had extensive experience in building technology products, and they saw an opportunity in the HR tech space. They believed that by offering a simple and intuitive HR management software, they could solve a key pain point for small businesses.
In 2020, Pagarbook raised $2.5 million in a seed funding round led by Sequoia. The company then raised another $15 million in a Series A funding round led by Blincko Ventures and Sequoia Capital. The latest funding round brought Pagarbook’s valuation to $35 million. The company has been using the funds to expand its product offerings, reach new customers, and grow its team.
Performance
Pagarbook has been growing steadily since its inception. The company has been able to attract more customers by offering a simple and affordable HR management solution. In addition, Pagarbook has been able to build a loyal customer base by providing excellent customer service. The company has also been able to expand its product offerings by adding new features such as attendance management, leave management, and digital payslips.
However, despite the positive growth trajectory, Pagarbook recently made headlines for layoffs.
Layoffs
On July 26, 2021, Pagarbook made an announcement that it had laid off around 80 employees. The layoffs affected employees across various departments, including sales, marketing, engineering, and support. The company stated that the layoffs were part of a restructuring exercise and that it was necessary to ensure the long-term sustainability of the business.
Pagarbook’s decision to lay off employees has raised concerns in the HR tech community. The company had been seen as a promising player in the Indian HR tech market, and the layoffs have raised questions about its future prospects.
Statement from Company Stakeholders
Following the layoffs, Pagarbook CEO Rupesh Sinha issued a statement where he explained the reasons behind the layoffs. He stated that the company had a clear roadmap for growth, which required streamlining operations and focusing on core business activities. He added that the layoffs were necessary to ensure that the company could continue to grow and serve its customers.
Conclusion
In conclusion, Pagarbook is a promising HR management software company that has been growing rapidly since its inception. The company has been able to attract customers by offering a simple and affordable solution. However, the recent layoffs have raised concerns about the company’s future prospects. It remains to be seen how Pagarbook will navigate the challenges ahead and continue to grow its business.
