""
HomeBlogfunding

Leegality raises $5M Series A funding from IIFL Fintech Fund

Leegality Media
MODIFIED ON
October 26, 2022
Leegality Funding Alert
SUMMARY

Leegality has raised a USD 5 million Series A Round led by IIFL Fintech Fund. Mumbai Angels Network also participated in the round.

Over the past few years, our Document Infrastructure Platform has been enabling Indian businesses to digitally transform their document/agreement logistics in a fast, easy and compliant way - turning a painful process into a competitive advantage.

Today, Leegality is live in 1500+ top Indian businesses - including group entities from 8 out of the top 10 banking conglomerates in India.

Since 2020, we’ve grown our quarterly revenue by over 13x and our employee strength by 7x, while also being cash flow positive. 

Shivam Singla - Founder and CEO of Leegality  “Across the length & breadth of the economy, formal business relationships are founded on the execution of documents. But physical paperwork causes severe delays, shackles teams, increases costs, destroys customer experience and poses significant legal risks. Think of the revenue companies lose because their salespersons are running around getting documents executed instead of selling, or the risk a small business owner faces when an urgent loan is stuck for days because of pending paperwork.

We estimate that in the Indian lending ecosystem alone, more than 60 crore digital paperwork transactions are needed annually to completely eliminate physical paperwork. Now, imagine what is needed to make the entire economy paperless.  Leegality is addressing this gap head-on with first of its kind digital infrastructure built for Indian ground realities and core compliance needs . In 5 years, Leegality will be the standard way to execute documents in India. Physical paperwork will become the exception. We are proud to receive the support of the IIFL Fintech Fund on this journey.”
 

The need for Document Infrastructure is even more acute today - due to rapid regulatory developments like RBI’s digital lending guidelines (which impose new digital paperwork requirements for Banks/NBFCs lending through fintechs) and the new IT Act amendment which now allows digitization of immovable property contracts and power of attorneys.

A few words from our investors

“Digitization is a major priority of all major BFSI companies today. 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 on the digitization wave in the BFSI sector. This is the first major early stage investment into a legal-fintech company in India, and we are proud to enable it.” said Mehekka Oberoi, Fund Manager, IIFL Fintech Fund. 

“Digitizing documentation in a legally compliant way is a hard problem, especially in regulated industries.  From its inception, Leegality has been 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 that customers have come to love & trust.”said Nandini Mansinghka, CEO of Mumbai Angels Network

Leegality as a place to work

Beyond business traction - Leegality is an extremely popular place to work - achieving an employee Net Promoter Score of 97 (in a survey conducted by Binny Bansal-founded xto10x) - the highest in the Indian startup ecosystem. If you are interested in working in an environment with freedom and limitless possibilities - click here to explore our openings.

What does this mean for Leegality customers and prospective users?

In the last 5 years we have set the standard for digital paperwork in India:

  • We’ve built India’s only fully compliant digital stamping system across 27+ States/UTs
  • We’ve incorporated 16 eSign types into the platform
  • We’ve made digital transformation radically easier by nventing a way to digitize paperwork without API integrations
  • We’ve built  50+ major document execution features - from signer verification tools to document security tools that now power 700+ workflows for 1500+ Indian Businesses
  • Providing dedicated expert services round-the-clock to help our clients achieve ROI

And we are in no mood to stop at this. There’s still a tonne of physical paperwork left in India.

With this round of investment, we’ll be able to double down on what we’ve done so far - delivering quality solutions at a record pace - and enhance our service quality above and beyond the high standards you’ve already come to expect from us. 

For all Leegality customers out there - thank you for trusting us and supporting us on this journey.
If you haven’t had the opportunity to use Leegality yet, there’s no better day to start than today.

Here’s a link to a 2 minute demo - you don’t need to login/signup or give any credit card details. Just click and experience a slice of Leegality.

You can check out some of the external media coverage that this news got here, here and here.

Subscribe to our monthly updates

Find new ways to simplify your paperwork with our monthly newsletter.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.