Bengaluru-based startup Pagarbook, a Sequoia Capital-backed company providing payroll and workforce management software for SMEs, laid off approximately 80 employees in late June due to a cash crunch and product failures. The layoffs, conducted via video call, affected designers, content writers, and on-ground staff across various locations. Despite raising $15 million in a Series A round and enlisting celebrity endorsements, the company faced challenges with a new product that had significant glitches and insufficient market traction. This move contrasts with the broader trend of hiring sprees and record funding in India's startup ecosystem this year.
