Digital Documentation Firm Leegality raises $5 million in funding from IIFL Fintech Fund and Mumbai Angels
Leegality, a digital documentation platform, has secured $5 million (about Rs 40 crore) in Series A investment from previous backers IIFL Fintech Fund and Mumbai Angels.
The resources will be used to expedite client acquisition, invest in product development, and improve the customer experience.
Leegality, founded in 2016 by Prakhar Agrawal, Sapan Parekh, and Shivam Singla, helps businesses digitally change their papers. According to the company’s reports, over 1,500 Indian enterprises utilize its services to digitize their document logistics.
Leegality also stated that the scope of the field has grown dramatically in the previous year, particularly with the introduction of the Reserve Bank of India’s digital lending guidelines and a new IT Act modification.
The new lending rules put additional digital documentation requirements on banks and non-banking financing organizations, while a modification to the IT statute allows for the digitalization of immovable property contracts and powers of attorney.
Mehekka Oberoi, fund manager of IIFL Fintech Fund, said, “Digitization is a major priority of all major BFSI (banking, financial services, and insurance) companies today. Leegality is the first major early-stage investment into a legal-fintech company in India.”
“Digitizing documentation in a legally compliant way is a hard problem, especially in regulated industries. From its inception, Leegality has been innovating to accelerate document logistics in a fast and compliant way,” said Nandini Mansinghka, CEO of Mumbai Angels Network.
Since 2020, the company has increased quarterly revenue by more than 13 times and staff strength by 7 times while remaining cash flow positive.
In 2019, Mumbai Angels Network, Chandigarh Angels, and other high-net-worth people contributed an undisclosed sum to the company.
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