M&A

M&A

Staff mgmt app PagarBook to acquire Indonesian peer Vara for Rs.44-Cr

Entrackr  

Bengaluru-based employee management app PagarBook is to acquire Indonesian staff management application Vara in a stock deal. Singapore-registered Vara was a part of the fifth cohort Sequoia India accelerator program Surge. Pagarbook was selected in the fourth batch of the 16-week-long program. PagarBook has offered 122 equity and 1,006 Series A4 CCPS having price of INR 3,88,030 per share amounting to INR 43.7 crore (USD 5.6 million) against the shares of Vara. Founded in November 2020 by Vidush Mahansaria and Abhinav Karale, Vara is also focused on making staff management easier for small businesses and their workers with its flagship app called Bukugaji. In July 2021, the company announced a USD 4.8 million seed round from Go Ventures, RTP Global, AlphaJWC, Sequoia Capital India's Surge, FEBE Ventures and Taurus Ventures. The company primarily targets the Indonesian market.