Leegality, which provides digital documentation services, has raised $5 million (around Rs 41 crore) from its existing investors IIFL Fintech Fund and Mumbai Angels in a Series A funding round. The legal startup has said that they will use the funds to speed up customer acquisition, invest in product development and to improve customer experience.
The startup, founded in 2016 by Prakhar Agrawal, Sapan Parekh and Shivam Singla, aims to completely eliminate physical paperwork in the country by providing digitisation services. This will require more than 60 crore digital paperwork transactions annually in the Indian lending ecosystem alone, according to one of the founders.
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Additionally, the startup also provides other services like signer verification, verification process automation, document tracking and security. Leegality's platform allows businesses to sign and manage their paperwork with investors, employees, customers and other stakeholders in an easier, quicker and more eco-friendly manner.
A three-tier pricing system is followed by Leegality under which individuals, businesses and enterprises are priced at different rates, making client-specific pricing a key feature of the startup. At present, their services are utilised by over 1,500 Indian enterprises, as per company records.
With this fresh round of investment, IIFL Fintech Fund has raised its stake in the company to 15%. In addition to Leegality, the fintech fund has also invested in Datasutram, Trendlyne, Multipl, Finbox, Easyrewardz, Easyrewardz Finarkein, Trustcheckr, and Open Financial Technologies.
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