Pagarbook feels the jitters - laid off 80 folks ๐Ÿ˜ฌ

Pagarbook feels the jitters - laid off 80 folks ๐Ÿ˜ฌ

What happened โ€” PagarBook, an employee payroll and attendance management system, is apparently laying off nearly 80 employees โ€” as growth fails to catch up while coffers run dry.

Founded less than 2 years ago, the startup basically helps SMEs manage employee time tracking and salary payments, and had raised its most recent round from Sequoia at a $100 million+ valuation!

Allocation problems โ€” data is scant, but there were plenty of signs of excess, including a high profile marketing strategy that leaned heavily on celebrity power. For example, big bucks were spent on getting Akshay Kumar to push the product โ€” which according to Moneycontrolโ€™s sources โ€œwas useless and did not yield anythingโ€.

Going ahead โ€” majority of the marketing team has been laid off, while the tech teams stay put, tasked to spin out some product magic.

Bottomline โ€” business is hard. And weโ€™re sorry things didnโ€™t work out best, but at a time when sirens of froth are at max, any speed bump on venture highway will be judged, and blown out of proportion.

Also, Akshay and Payroll? Come on bro ๐Ÿคฆโ€โ™€๏ธ