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Roehl Niño Bautista · · 1 min readReport: Sequoia-backed Pagarbook lays off entire marketing and sales team
“Payroll management company Pagarbook has laid off more than 80 employees due to troubles ranging from product failures to shortage of cash,” reported Moneycontrol, citing sources.
Details:
- Pagarbook let go of almost its entire marketing and sales team including content writers and designers.
- Those laid off were told that the firm was in a “cash crunch,” despite the company publishing some job openings online.
Dive deeper:
- Pagarbook earlier hired an actor as its brand ambassador, but the move did not meet targets. The firm also saw problems in its product delivery, Moneycontrol reported.
- Last December, Sequoia Capital India led a US$15 million series A round for Pagarbook, which was one of the 17 startups in its accelerator program Surge’s fourth cohort.
Editing by Collin Furtado and Jaclyn Tiu
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