Bigger established organizations and people who come from families with business backgrounds have a lot of professionals at their disposal to help them deal with all kinds of compliance: accountants, lawyers and tax practitioners. But first-generation entrepreneurs, and small-scale and MSME businesses don’t have the same advantage. They tend to lack access to a network of trusted professionals.
This is where Legalwiz.in comes in. Founded in 2015, the startup’s aim is to help these small and medium businesses and new entrepreneurs navigate the difficult road of compliance with ease. Legalwiz.in is a legal tech and compliance tech firm aiming to solve day-to-day legal and compliance-related challenges faced by small businesses and startups.
During his 15 long years in the field of digital commerce and strategy, founder Shrijay Sheth noticed that small businesses and startups are vulnerable to the risk of being non-compliant or victims of legal consequences. Most organizations that provide such services are also fragmented.
Sheth came up with the idea of providing the entire spectrum of legal tech services under a single roof.
Along with mandatory compliance services, the company also offers business registration solutions. This includes obtaining tax and government registrations like GST, etc. and ensuring regular filings of the companies and making sure they don’t fail to adhere to core business norms required to operate.
To be able to legally protect the small business in all senses, Legalwiz.in also has specialists who give bits of advice on intellectual property rights that enable businesses to secure their trademarks, copyrights, and patents.
Constantly expanding its range of services, the company recently added services like ISO certification for quality assurance, FSSAI registration for running a food business and unions.
Apart from India, the legal tech company also facilitates overseas expansion into the U.S. & Singapore markets.
The company uses a custom-built CRM that accommodates the industry’s nuances and helps with effective client communication and workflow management, along with the security and documentation audit trail critical to the business.
The platform currently has a user base of over 6000 clients, 60% of which is repeat business and the rest are new businesses, said the founder.
India houses about 7.9 million MSMEs out of which 95% are micro-enterprises. Legalwiz.in is targeting this 95% as their niche and providing them with legal services that they find difficult to procure.
The company raised Rs 3.8 crore in a strategic investment round in 2021.
Some of the company’s main competitors are service providers like VakilSearch (now Zolvit), IndiaFilings, and ClearTax. To tackle its competition, Legalwiz.in continues to build on its services in terms of better market penetration and expansion of service lines. It also has added services like incorporation, taxation and accounting services for the United States and Singapore, as they are the first choice of many of the clients and growing startups to venture into global markets.