Leegality raises $5 million in a series A funding round led by existing investors IIFL Fintech Fund, with participation from Mumbai Angels.
The funds will be utilized to increase customer acquisition, and product development and improve customer experience.
Leegaility was founded in 2016 by Prakhar Agrawal, Sapan Parekh and Shivam Singla. It is a digital document workflow startup that allows companies to digitise document logistics and offers APIs to enable eSign on multiple technology stacks, including BharatSign, NeSL and BharatStamp.
The startup further offers signer verification, verification process automation, document tracking and security along with client-specific pricing. Its offerings also include three kinds of plans– for individuals, businesses and enterprises.
While the individual plan has only Aadhar and virtual eSign, subsequent plans include more digital verification steps. For instance, the business plan includes DSC and Automated eSign, while the enterprise plan also includes DocSigner, HSM Signer and PAN eSign.
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.”
Mehekka Oberoi, Fund Manager at IIFL Fintech Fund, said, “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.”
“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.”
