Doqfy Raises INR 7.5 Crore In Pre-Series A Funding The fund raised will be used for tech enhancements of the platform and business growth through building partnerships
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Contract execution SaaS platform Doqfy has raised INR 7.5 crore in a pre-Series A funding round led by Turbostart and Pentathlon VC. Other investors who participated in the round are Lead Angels, SilverNeedle VC, LetsVenture, Angel.co led by Archana Priyadarshini. The fund raised will be used for tech enhancements of the platform and business growth through building partnerships.
"Compliances are one of major cost heads for companies and the costs go up as the companies grow in size. Another aspect is the complex nature of the compliances. There have been instances where companies are not even aware if they are in breach because for far too long compliances have been managed in a manual way with very little tech intervention. We see this as a large untapped opportunity. Our platform, which has undergone changes as we incorporated feedback from our customers and mentors, is now a full stack offering helping companies stay compliant and easing the burden of it to facilitate smooth business operations," said Aditya Padranki, founder, Doqfy.
Doqfy has been profitable since the last 12 months clocking an ARR of INR 6 crore. The company works with marquee customers like HDFC Bank, Bajaj Finserv, Ujjivan Small Finance Bank, Axis Bank, DBS Bank, Xiaomi, Swiggy, Meesho, Unacademy and JLL, Colliers, and it has team strength of nearly 40 people, claimed by the company in a statement.
"We believe DOQFY is uniquely positioned to offer trusted, secure, affordable contract execution. DOQFY aligns with our fund's core philosophy of backing passionate entrepreneurs who build disruptive digital solutions for India and global markets. We are excited to partner with the DOQFY team in rapidly scaling their business to its next orbit," said Hemant Joshi, managing partner, Pentathlon Ventures.
Founded in 2019 Doqfy was started as a way to solve very routine, mandatory compliance requirements for businesses in India and later make it approachable to customers with essential platform offerings like contract execution with e-stamping and e-signatures.