[Funding alert] Vakilsearch raises $10M from InCorp India

Vakilsearch, the Chennai-based legaltech startup, has raised $10 million from InCorp India. The transaction also saw the exit of earlier investor Kalaari Capital.

In 2015, Kalaari Capital invested around $2 million in Vakilsearch, and the startup had also raised an undisclosed sum from Udaan Co-founder Sujeet Kumar in 2020.

Vakilsearch said it will use this round of funding for product development, sales & marketing, and hiring activities. This startup offers services such as incorporation, government registrations, corporate and tax filings, trademark filings, accounting, payroll, etc.

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“The alliance with InCorp India presents us with an attractive opportunity and the power to implement our growth strategies. InCorp India, like Vakilsearch, prioritises quality and integrity through innovation,” said Hrishikesh Datar, Founder, Vakilsearch.

According to the startup, it has catered to over 80,000 small businesses among other clients, including over 30,000 businesses, since the start of the pandemic alone, enabling over 10,000 new incorporations and over 8,000 trademark filings.

As a part of its growth, with its revamped tech platform to be launched by December 2021, Vakilsearch is now pivoting from a transaction-based service provider to a client based advisory platform.

Manish Modi, CEO, InCorp India, said, “With this investment, we will leverage the strengths of Vakilsearch and accelerate our artificial intelligence (AI) and machine learning (ML) initiatives. Vakilsearch will increase the depth of its service offerings by augmenting the technical capabilities and global best practices of InCorp India.”

InCorp India is the Indian arm of TA Associates backed, Singapore-headquartered InCorp Global. The company specialises in providing tech-based incorporation, corporate secretarial & compliance, accounting, taxation, FEMA and investment banking services.

Inderpreet Chadha, Head, M&A, InCorp India, said, “While InCorp continues to extend its capabilities to service more businesses digitally, the Vakilsearch partnership will become the fulcrum of how we see this space. Data led insights and analytics are the core of our philosophy, and the platform built by Vakilsearch provides us with the building blocks to create a Compliance Tech platform of the future.”