PagarBook is set to acquire its Indonesian competitor Vara
- ByStartupStory | June 27, 2022
The employee management app PagarBook is getting ready to buy the Indonesian Vara in a stock deal. Vara, a Singapore-based company, participated in the fifth cohort of the Sequoia India accelerator programme Surge, while Pagarbook, a Bengaluru-based company, was chosen for the fourth batch of the 16-week programme.
According to the company’s regulatory filing with the Registrar of Companies (ROC), the board of Pagarbook has decided to buy Vara Technologies’ stocks from the company’s owners. In accordance with the papers, PagarBook has made an offer to buy 122 equity shares and 1,006 Series A4 CCPS for a total of Rs 43.7 crore ($5.6 million) or Rs 3,88,030 per share.
With its main software, Bukugaji, Vara, which was established in November 2020 by Vidush Mahansaria and Abhinav Karale, aims to simplify staff administration for small businesses and their employees. A $4.8 million seed round from Go Ventures, RTP Global, AlphaJWC, Sequoia Capital India’s Surge, FEBE Ventures, and Taurus Ventures was announced by the startup in July 2021. The Indonesian market is the company’s main focus.
The change occurs as PagarBook struggles to attract capital for a new round after bringing in $15 million in Series A funding in December 2020. The business, which is run by Adarsh Kumar and Rupesh Sharma, also raised a minor amount in June 2021 at a valuation of more than $100 million. The business did not, however, add any further funding to the round. Around 80 employees were also let go at the same time.
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