Leegality raises $5M in Series A round from IIFL Fintech Fund
pre-Series A funding round, investing an undisclosed sum., 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'
The startup will use the capital to accelerate customer acquisition, invest in product development, and rapidly enhance customer experience.
Founded in 2016, Leegality's e-sign, e-stamp, and document workflow platform enable Indian businesses to sign and manage their paperwork with customers, vendors, employees, investors, and other stakeholders in a faster, easier, and more legally compliant way.
Shivam Singla, Founder of Leegality, said, "In the Indian lending ecosystem, over 60 crore digital paperwork transactions are needed annually to completely eliminate physical paperwork. Leegality is addressing this head-on with first-of-its-kind digital infrastructure built for Indian ground realities and core compliance needs."
Leegality's quarterly revenue has grown by over 13X, and its employee strength by 7X, while also being cash flow positive.
Today, Leegality is a digital documentation partner to over 1,500 Indian businesses, including group entities from eight out of the top 10 banking conglomerates in India.
"Today, digitisation is a major priority of 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 placed to tap into the digitisation wave in the BFSI sector," said Mehekka Oberoi, Fund Manager, IIFL Fintech Fund.
"This is the first major early-stage investment into a legal-fintech company in India, and we are proud to enable it,” she added.
Nandini Mansinghka, CEO of Mumbai Angels Network, said, "Digitising documentation in a legally compliant way is a hard problem, especially in regulated industries. Since its inception, Leegality is innovating from the ground up, focused on accelerating document logistics in a fast and compliant way. This approach has led to building a truly differentiated product for customers.”
(This story was updated with additional information on Leegality's previous funding round.)
Edited by Suman Singh