Leegality Raises Pre-Series A Funding From IIFL
The freshly infused funds will be used to expand Leegality's team in key departments to fast-track product development and deepen enterprise adoption of its solution
Gurugram-based document execution platform Leegality on Monday announced to have raised Pre-Series A funding led by IIFL Securities Capital Enhancer Fund. Existing investors including Mumbai Angels also participated in the round.
“Over the past few years, Leegality has become the go-to solution provider for any Indian enterprise looking to digitize their paperwork processes. We are now the market standard for electronic signatures and digital documentation in India. This funding round is a great vindication of the efforts of our wonderful team so far, and will provide us further fuel to grow exponentially in the war against paper. We have managed to solve a very hard and important problem within a short span, and have created an entirely new product category in the Indian market. It's very exciting,” said Shivam Singla, founder, Leegality.
While the funding amount has not been disclosed, Leegality will be using the freshly infused capital to expand its team in key departments to accelerate product development and deepen enterprise adoption of its solution.
“The world is going digital in all aspects and paperwork is no exception. Companies often find streamlining the paperwork processes challenging and Leegality is committed to helping businesses go paperless since its inception. We believe that this investment is a testimony to the work Leegality has been doing and will help them expand their team and scale up their offerings to better serve the needs of Indian enterprise," shared Nandini Mansinghka, co-founder and chief executive officer, Mumbai Angels Network.
Leegality's eSign, eStamp and document workflow platform enables 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.
“The pandemic has accelerated digital transformation across businesses. Leegality is at the forefront in digital legal documentation processes. We expect rapid growth in this segment and an entity like Leegality would benefit from this. We are excited to partner with Leegality in their growth journey,” added R Venkataraman, co-promoter, IIFL Group.
Leegality has registered a ten-fold growth in revenue over the last 2 years and has been cash flow positive since last year. Leegality offers a horizontal product tailor-made for the Indian market, and is used by businesses across scale, sectors, verticals and use-cases. The Gurugram-based startup is helping more than 850 businesses including Federal Bank, HDFC Ltd, Bajaj Finance, HDB Financial, ICICI Lombard, Axis Finance, Razorpay, Udaan, WeWork, and Cars 24, amongst others to digitally transform their documentation processes.