Legaltech startup SpotDraft has raised $1.5 million in pre-Series A round led by Binny Bansal-backed 021 Capital while Freshworks co-founder Girish Mathrubootham and Google executive Peeyush Ranjan and others also participated in the round.
The Gurugram-based startup is already backed by prominent investors including Hunch Ventures, Japan-based Spiral Ventures, 500 Startups, Singapore Angel Network, and Satyen Kothari. They have invested around $550K as seed fund in SpotDraft in October 2017.
The latest proceeds will be deployed towards growing its footprint in global markets to target small and medium enterprises who are looking to cut their legal expenses.
A brainchild of Shashank Bijapur and Madhav Bhagat, the startup offers an artificial intelligence-powered platform to draft and execute legal contracts. It also focuses on privacy and non-disclosure agreements, master services agreements, credit or facility related agreements apart from GDPR and regulatory compliance.
According to Bijapur, SpotDraft has a 6 million repository of legal agreements that have been used to train it’s AI and the software takes just 25 test cases to learn a new clause or law, reports ET.
Other startups in legaltech space are Vakilsearch, MeetUrPro, IndiaFilings, LegalRaasta, and MyAdvo to name a few.
The lead Investor 021 Capital was started in August 2017 by Sailesh Tulshan. Tulshan was the personal investment adviser to Flipkart founders. In its first close of $32 million fund, 021 capital had roped in Wipro chairman Azim Premji’s Azim Premji Foundation as an institutional investor and limited partner.
Ruchi Sanghvi, a former senior executive at Facebook and Dropbox, along with Aditya Agarwal have also invested in the fund.
For the uninitiated, Myntra and Curefit co-founder Mukesh Bansal, MakeMyTrip India CEO Rajesh Magow, PhonePe’s Sameer Nigam and Rahul Chari, Myntra CEO Ananth Narayanan and former Flipkart executive Mekin Maheshwari had joined 021 Capital as limited partners.