Contract execution SaaS platform Doqfy has raised Rs 7.5 crore in its pre Series A round led by Turbostart and Pentathlon VC. Other investors who participated in the round are Lead Angels, SilverNeedle VC, LetsVenture, Angel.co led by Archana Priyadarshini.
According to Doqfy, the fresh funds will be used for tech enhancements of the platform and business growth through building partnerships.
Started in 2019 by Aditya Pandranki, Manjula Rao, Vilaas BV, Doqfy helps companies in contract creation, stamp duty payment with digital signatures and milestone management capabilities for enterprise and small and medium businesses.
The Bengaluru-based company claims to have been profitable since last year and has clocked annual recurring revenue (ARR) of Rs 6 crore. It counts HDFC Bank, Bajaj Finserv, Ujjivan Small Finance Bank, Swiggy, Meesho and Unacademy among others, as part of its client portfolio.
In 2020, Doqfy raised Rs 2.10 crore in a seed funding round from Turbostart and angel investor Sandhya D.
Pune-based Pentathlon Ventures is an early-stage business-to-business (B2B) SaaS-focused venture capital firm. In 2021, the firm closed its first fund at Rs 76 crore and planned on investing in 20 startups with an average ticket size of Rs 75 lakh to Rs 3 crore in each firm.
Earlier, Bengaluru and New York-based contract lifecycle management firm SpotDraft had raised $26 million in a Series A funding round led by PremjiInvest, the private investment vehicle of Wipro founder-chairman Azim Premji.