[Funding alert] Legitquest raises Rs 5 Cr from Info Edge, Waterbridge ventures
Legal research platform Legitquest on Monday said it has raised Rs 5 crore from domestic internet firm Info Edge and venture capital firm Waterbridge Ventures in a Pre-Series A funding round.
It plans to use the funds to expand to team, capabilities and services in five states — Maharashtra, West Bengal, Karnataka, Gujarat, and Tamil Nadu, the startup said in a statement.
"Legitquest will use the funds to expand its team and develop the capabilities of its unique existing feature iDRAF (Issue, Decision, Reasoning, Arguments, Facts of judgements), currently the only one-click legal insight system in the world, which is powered by Artificial Intelligence," the company said.
Earlier in October 2019, Legitquest had raised seed funding of Rs 3 crore from Info Edge (India) and WaterBridge Ventures.
Founded in 2017 by advocate Karan Kalia, IITian Rohit Shukla and PhD in finance Himanshu Puri, Legitquest is a deep technology data service provider for B2B and enterprise solutions in the legal and regulatory space.
It started as a legal research portal supported by unique search features that use natural language processing and deep learning to browse millions of records and get the most relevant results within seconds.
Using Artificial Intelligence, it created an online database and a search feature called iDraf to segregate issues, reasoning, decisions, arguments and facts of all the judgments passed by the Supreme Court and the High Courts of India since 1950.
As per the company’s analysis, Legitquest users save roughly up to 40 percent of time in legal research.
"The company is planning to increase its employee base by 100 percent in the next six months," the statement said.
Legitquest claims to have more than 550 institutional and business-to-business clients and achieved an average growth rate of 250 percent in gross revenue on a year-on-year basis.
"The monthly average users (MAU) of Legitquest at present is half million and the company is eying 3 million MAU by the end of the financial year 2021-22," the statement said.
(Disclaimer: Additional background information has been added to this PTI copy for context.)