Gurugram-based SpotDraft, an online generator of contracts and invoices, has secured $550,000 from venture capital firm Hunch Ventures.
The seed funding round also saw participation from Japan-based Spiral Ventures, 500 Startups, Singapore Angel Network, and Citrus Payments and Cube founder Satyen Kothari.
Founded earlier this year, the legal-tech startup plans to used use this latest proceeds to scale the business and market the product, reported VCCircle.
“Moving forward, SpotDraft will provide users a complete end-to-end contract management solution at the press of a button. For now, the focus is on the freelance market, however, the target base will soon grow to include small and medium-sized business,” said Shashank Bijapur, CEO SpotDraft.
Started by Bijapur and Madhav Bhagat, SpotDraft offers an artificial intelligence-powered platform to draft and execute legal contracts. Currently, aimed at small businesses and freelancers to help them draft solid contracts, send automated invoices and payment reminders.
Over the last nine months, SpotDraft claims to have executed over 3,500 contracts.
“The opportunity in this space is huge and thanks to the start-up ecosystem, where hundreds of companies are incorporated in a day, this segment is going to boom. The total legal market is $10 billion (₹67,000 crore), of which litigation alone is ₹33,000 crore and 10 per cent of that market holds huge potential,” said Rishabh Gupta, founder of MyAdvo in an earlier interview with BusinessLine.
The legal and compliance service market in India is growing at 25 per cent year-on-year. In addition, GST compliance is expected to be a Rs 17,000 crore market.
Others startups such as Vakilsearch, MeetUrPro, IndiaFilings, iPleaders, LegalRaasta, MyAdvo, and LawRato are also active in the legal-tech space.