Legal-tech startup SpotDraft raises $8 Mn in Series B extension

Legal-tech startup SpotDraft has raised $8 million from Qualcomm Ventures as part of a Series B extension. 

The funding comes nearly a year after the company raised $54 million in its Series B round in February 2025. Earlier in March 2023, the firm secured $26 million in its Series A funding round.

The proceeds will be used to strengthen product and AI capabilities and expand enterprise adoption across the Americas, EMEA, and India. 

Founded by Shashank Bijapur and Madhav Bhagat, SpotDraft offers an AI-powered contract lifecycle management (CLM) platform focused on privacy-first enterprise use cases. Its AI tools are designed to keep sensitive legal data on-device rather than sending documents to external cloud models.

The company reports 100% year-on-year growth in customers, with contract volumes up 173% year-on-year. It currently serves nearly 50,000 monthly active users, processing over one million contracts annually. 

SpotDraft recently demonstrated its on-device contract review capabilities at Qualcomm’s Snapdragon Summit 2025, where its AI models ran locally on Snapdragon X Elite laptops without cloud connectivity. 

Spotdraft competes with other legaltech startups like Legistify, Leegality, Sirion, Vakilsearch and others. Its customers include Apollo.io, Panasonic, Zeplin, and Whatfix.

In FY25, SpotDraft’s revenue grew to Rs 121.02 crore from Rs 59.58 crore in FY24, while losses widened to Rs 121.43 crore from Rs 68.36 crore over the same period.