During the pandemic, the majority of people suffered months of struggle and problems. With unprecedented days ahead of them people very quickly realized the importance of keeping in place the distribution of wealth and inheritance within their family.
Having a background in working in finances, Darsh Golechha realized the potential of using technology for wealth decision making. Following his idea, Golechha started Monech Private Limited in 2019. Incubated by Afthonia, Monech soon launched Legacynext as its flagship product.
Legacynext is a fintech platform that enables people to take decisions about their inheritance across financial, personal, and legal services. Founder and CEO of the company, Golechha told Entrackr, “Making decisions about inheritance is a key component of wealth. This came about largely during the time of COVID; people went through a lot of inheritance planning, transfers etc.”
The platform gives individuals the ability to plan their inheritance by creating a will as well as giving the family the ability to transfer the inheritance as per the will. It assists the families in all steps from obtaining a will probate or a succession certificate to transferring all the bank accounts assets and liabilities.
The platform additionally takes care of the claiming of transferring of vehicles, accounts, utility connections, assisting with the ITR income tax filings, and assisting the family with ensuring the government ID books are closed.
Covering the legal aspects, the company works with legal partners who assist in both the planning and the transfer of assets. It processes keeping in mind the laws and edits to the regulations in wealth distribution and transfer made by the government.
The company currently has assisted over 4.5 lakh families as part of its Legacynext cover program. It plans on increasing the number to 10 lakh users by the end of September quarter and further growing the number to 15 lakh users by the end of the year.
The company’s service subscription price depends on factors such as the individual’s age, health etc. For the services available currently, the price ranges from Rs 1000-5000; there will also be a launch of a subscription ranging from Rs 5000-10,000.
The Mumbai-based company has raised its seed round of $200k from Sprout Angels, Micro VC Chennai, Symphony9 ventures and other angels. The company faces local competition from companies such as FamSecure, YourDigiwill, and Yellow.
Among its future plans lie the launching of key partnerships with banks and financial institutions in the BFSI space enabling the B2B and B2C offering for retail and corporate clients.