Document infrastructure firm Leegality has raised $5 million in an investment round led by IIFL Fintech Fund along with the participation of existing investor Mumbai Angels.
Founded by Shivam Singla, Leegality enables businesses to digitally transform their document logistics and claims that it’s used by over 1,500 businesses including top banks in India. Leegality addresses the problem of physical paperwork being used in the lending ecosystem with digital infrastructure.
It provides contracting compliance, NeSL, Signer verification and document assembly among others. The Bengaluru-based firm claims to have grown its quarterly revenue by more than 13X and its employee strength by seven times, while also being cash flow positive. The company’s top clients include HDFC, Federal Bank, Tata Capital, ICICI, Airtel, Razorpay et al.
In 2021, the company had raised $1.26 million from Mumbai Angels and over two dozen individual investors. According to Tracxn, the company has raised close to $7 million including a $360K round in June 2019.
India Infoline or IIFL Fintech fund’s recent investments include Trendlyne, FinBox, Datasutram, Multipl, Finarkein, TrustCheckr, EasyRewardz and Open Financial Technologies among several others.