SUMMARY
The Series A funding round has been led by existing investors IIFL Fintech Fund, with participation from Mumbai Angels
Leegality offers APIs to enable eSign on multiple technology stacks, including BharatSign, NeSL and BharatStamp
It works with over 1,500 enterprise customers and claims to be cashflow positive since 2020
Document infrastructure platform Leegality has raised $5 Mn in a Series A round of funding led by existing investors IIFL Fintech Fund, with participation from Mumbai Angels.
The startup said that it would utilise the funding to increase customer acquisition speed, invest in product development and improve customer experience.
Founded in 2016 by Prakhar Agrawal, Sapan Parekh and Shivam Singla, Leegality is a digital document workflow startup that allows companies to digitise document logistics.
The startup offers APIs to enable eSign on multiple technology stacks, including BharatSign, NeSL and BharatStamp.
The startup further offers signer verification, verification process automation, document tracking and security along with client-specific pricing. Its offerings also include three kinds of plans– for individuals, businesses and enterprises.
While the individual plan has only Aadhar and virtual eSign, subsequent plans include more digital verification steps. For instance, the business plan includes DSC and Automated eSign, while the enterprise plan also includes DocSigner, HSM Signer and PAN eSign.
The India Stack includes digital document verification API eSign, along with UPI, Aadhaar and other open-source tech stacks from the government. eSign allows Aadhaar holders to digitally sign documents, cutting down on the time and costs required for compliance.
Leegality claims to have more than 1,500 enterprise customers.
According to its founder Shivam Singla, more than 60 Cr digital paperwork transactions are needed annually in the Indian lending ecosystem alone to go paperless. He added that Leegality is addressing the gap by building infrastructure for documentation use cases in India.
“In 5 years, Leegality will be the standard way to execute documents in India. Physical paperwork will become the exception. We are proud to receive the support of the IIFL Fintech Fund on this journey,” added Singla.
Mehekka Oberoi, fund manager, IIFL Fintech Fund, added, “We have seen the impact of Leegality’s solutions first-hand, and we are confident that Leegality is very well placed to tap into the digitisation wave in the BFSI sector.”
The Gurugram-based startup claims to be cash flow positive since 2020.
The recent digital lending guidelines have further extended the scope of digital verification of documents, as the Reserve Bank of India (RBI), imposed new digital paperwork requirements on banks and NBFCs.
While there are no private players in India that provide digital signature services – the space is dominated by eSign. However, there are several players around the world that provide such service; Canada-based TreeFort and US-based Skiff are two such examples.
