Leegality posts two-fold growth in FY23, controls burn


Document infrastructure platform Leegality secured $5 million led by IIFL Fintech Fund in the second half of the last fiscal year which helped the company to register a two-fold growth in its operating scale during FY23.

Leegality offers eSign, eStamp, compliance, document Security and automation tools to businesses. Its operating revenue surged 2.05X to Rs 33.5 crore in FY23 from Rs 16.3 crore in FY22, according to its annual financial statements filed with the Registrar of Companies.

Financials FY23


Operating Revenue

Total Expenses

Profit / Loss

Amount in ₹ Cr

Income from e-sign, subscription and stamp were the major revenue channels for Leegality. Check TheKredible to understand the detailed revenue revenue breakup of the company. Apart from operational collection, the company also made Rs 2.1 crore from interest on fixed deposits during FY23.

As one would expect from a services firm, employee benefit was the largest cost center for Leegality which surged 2.45X to Rs 22.37 crore in FY23. Its E-sign charges and Technology Infrastructure costs rose 22.6% and 64.5% during the previous fiscal year. Head to TheKredible to see the detailed expense breakup of the company.

Expense Breakdown

Total ₹ 19.4 Cr
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Total ₹ 39.1 Cr
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  • Employee benefits
  • E-Sign charges
  • Technology infrastructure
  • Stamp processing
  • Advertising promotional
  • Others

Despite over 2X growth in scale, the company managed to reduce its cost in the last fiscal year. As a result, Leegality’s losses merely grew 38.5% to Rs 3.56 crore in FY23 from Rs 2.57 crore in FY22. Its ROCE and EBITDA margin stood at -7.59% and –8.54% respectively. On a unit level, the company spent Rs 1.19 to earn a rupee of operating revenue in FY23.


FY22 FY23
EBITDA Margin -13.71% -8.54%
Expense/₹ of Op Revenue 1.19 1.19
Roce -28.88% -7.59%

Founded by Shivam Singla and Prakhar Agrawal, Leegality has raised $6.63 million [Rs 53.3 crore] in total funding since its inception. According to TheKredible, the firm was last valued at $38 million [Rs 300 crore]. With 32.14%, Singla is the largest stakeholder in Leegality followed by IIFL and Agrawal, according to the numbers at TheKredible.

Shareholding Pattern

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  • Shivam Singla
  • IIFL
  • Prakhar Agrawal
  • Sapan Parekh
  • ESOP
  • Others
  • CD Equifinance
  • Serviq Estate
  • Neil Pradeep Mehta
  • Kishore Ganj
  • Over the last three years [2021-2023], 10 legaltech startups have mopped up around $20 million in risk capital, as per Entrackr’s research. As of now, only three startups have managed to raise $1 million in 2023 while 2022 and 2023 witnessed five and two deals respectively in 2022 and 2021. Leegality competes with VakilSearch, Lawyered, E-Weblog, NearLaw, LegalDesk et al.

    With its vast and complicated judicial systems, India offers a massive opportunity for legaltech startups, and the likes of Leegality have barely scratched the surface of the possibilities that exist. As the judiciary evolves to become more user friendly, expect the opportunity to widen for such startups as well.

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