Legality raises $5 million in Series A round from IIFL Fintech Fund
, a Gurugram-based document infrastructure platform, on Wednesday said it raised $5 million in a Series A round led by IIFL Fintech Fund and Mumbai Angels. Earlier in June 2021, the investors had facilitated the startups’ pre-Series A funding round, investing an undisclosed sum.
The startup will use the capital to accelerate customer acquisition, invest in product development and rapidly improve the customer experience.
Founded in 2016, Leegality’s e-sign, e-stamp and document workflow platform enables Indian businesses to sign and manage their paperwork with customers, suppliers, employees, investors and other stakeholders in a faster, easier and more legal way.
Shivam Singla, founder of Leegality, said, “In the Indian lending ecosystem, over 60 million digital paperwork transactions are required annually to completely eliminate physical paperwork. Legality addresses this head-on with the first-of-its-kind digital infrastructure built for Indian ground realities and core compliance requirements. .”
Leegality’s quarterly revenue has grown by over 13X, and its employee strength by 7X, while being cash flow positive.
Today, Leegality is a digital documentation partner for over 1,500 Indian businesses, including group units of eight of the top 10 banking conglomerates in India.
“Today, digitization is a top priority for all major BFSI companies. We are super impressed with the expertise of the Leegality team and the depth of their offerings. We have seen the impact of Leegality’s solutions first-hand and we are confident that Leegality is very well positioned for to take part in the digitization wave in the BFSI sector,” said Mehekka Oberoi, Fund Manager, IIFL Fintech Fund.
“This is the first major early stage investment in a legal fintech company in India and we are proud to make it possible,” she added.
Nandini Mansinghka, CEO of Mumbai Angels Network, said: “Digitizing documentation in a legally compliant manner is a difficult problem, especially in regulated industries. Since its inception, Legality has innovated from the ground up, focusing on accelerating document logistics in a fast and compliant manner. This approach has led to building. a truly differentiated product for customers.”
(This story was updated with additional information about Leegality’s previous funding round.)
