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Legal tech start-up in top gear for Series B funding
Vakilsearch is a legal technology start-up that is now ramping up its operations.
To help it reach the next phase of growth, the Rs 26 cr entity is on the verge of raising yet another round of funds.
Two rounds of funding by Kalaari and Dr Agarwals have enabled the entity to firm up its foundation. This time around, it has onboarded strategic investors such as Pangea3, Luthra and Luthra and Universal Legal. Hrishikesh Datar, CEO, Vakilsearch, said, “We are in process of signing term sheet for about $5 million. This ‘B’ capital funding would assist us in our technology and brand building exercise.”
He said the company is in its 11th year of operations. The idea behind this entrepreneurial stint is to be perceived as an enabler. Armed with an arts and law background, Datar feels the company sees immense potential for offering packaged legal solutions.
“We envision law being seen as a product to purchase. Companies typically have to go through the rigmarole of setting up their business by following lot of formalities. Our intent is to simplify and ease up the process. Those looking at winding up establishments find it tough. Our role is to facilitate the conception to termination process. In other words, partner with the businesses through their entire lifecycle to ensure a hassle-free legal closure, as need be,” he sought to point out.
Vakilsearch would charge a nominal fee for the services it renders. Textile traders in Tirupur to fruit sellers in Kashmir, the tech start-up claims to cater to a diverse clientele.
Operating on a subscription model with monthly fee of Rs 1,000 or Rs 2,000 (starting from cost of incorporation), depending on the needs, Datar is hopeful that the market gets more formalised. Accounting to registrar of companies filings to legal needs, all aspects of business is processed by the company leveraging its technology bandwidth. Across 4,000 locations, it has done over 55,000 transactions that includes dry fruit traders, textile firms, restaurants inthe country.