India and Silicon Valley-based Oddr has raised $2 Mn in its seed funding round led by Saama Capital and Twin Ventures
Oddr plans to use the funds to build an AI-enabled invoice product for law, accounting, consulting and financial services firms
Further, the startup plans to foray into international markets including North America, the UK and the Australian market
India and Silicon Valley-based legaltech startup Oddr has raised $2 Mn in its seed funding round led by Saama Capital and Twin Ventures.
Angel investors from the US, Singapore and Germany have also participated in the fundraising round.
Oddr plans to use the funds in building an AI-enabled invoice product for law, accounting, consulting and financial services firms.
“We are aiming to solve a big problem for the professional services sector globally. Invoice to cash process in professional services firms today is manual, fragmented, and cumbersome resulting in high days sales outstanding (DSO), high write-offs and painfully high operating overheads. This space is ripe for disruption through innovation,” said Milan Bobde, cofounder and CEO at Oddr.
Founded in 2022 by tech veterans Milan Bobde, Sumit Garg and Saurabh Mehra, Oddr is a cloud platform that facilitates companies streamline their invoices via artificial intelligence, automation and data.
It mainly amalgamates company’s billing, collections and payments at one place and further helps them reduce DSO (days sales outstanding), increase collections, trim operational costs and improve client NPS.
All three founders cumulatively hold over 60 years of experience in the business ecosystem. Saurabh Mehra had previously worked with Intapp, Marsh and Thomas Reuters Elite while Sumit Garg had built enterprise apps for companies including Intapp, Cenzic and TeleResults. Prior to founding Oddr, Milan Bobde led product and business strategies in Intapp, Thomas Reuters Elite and IT Strategists.
Per the startup, it aims to reach an annuaĺised revenue of $1 Mn in the next 18 – 24 months. At the same time, it plans to foray into the international markets including North America, the UK and Australian market.
Oddr said that it is set to launch a research and development centre in India. It is presently expanding its India team and also, appointed Eric Newman as its chief architect.
Other startups that work in the legaltech space include Precily, SpotDraft and Vakilsearch, among others.
According to a report, the global legaltech market, which was pegged at $713 Bn in 2020, is likely to grow into a $908 Bn sector in 2025. The segment will grow at a CAGR of 4.9% by 2025. Meanwhile, the Asia-pacific legaltech market is likely to grow at a CAGR of 7.2% during the same timeframe.