Vakilsearch Raises $10 Mn To Accelerate Its AI And ML Initiatives

SUMMARY

Vakilsearch offers services including incorporation, government registrations, corporate and tax filings, trademark filings, accounting and payroll services

With this round, it will be pivoting from a transaction-based service to a client-based advisory platform offering compliance and advisory solutions using AI

InCorp India is the Indian arm of Singapore-headquartered compliance tech firm InCorp Global

Incorp India has invested $10 Mn in legaltech startup Vakilsearch. Founded in 2014, Vakilsearch offers legal, tax and compliance-based services to small businesses and individuals.

The platform has catered to over 80,000 small businesses and other clients including 30,000 businesses since the pandemic, enabling over 10,000 new incorporations and 8,000 trademark filings.

InCorp India is the Indian arm of Singapore-headquartered InCorp Global. The company specialises in providing tech-based incorporation, corporate secretarial, compliance, accounting, taxation, FEMA and investment banking services to businesses.

With plans to launch a revamped tech platform in December this year, Vakilsearch will be pivoting from a transaction-based service to a client-based advisory platform offering compliance and advisory solutions using AI.

“With this investment, we will leverage the strengths of Vakilsearch and accelerate our Artificial Intelligence (AI) and Machine Learning (ML) initiatives. Vakilsearch will increase the depth of its service offerings by augmenting the technical capabilities and global best practices of InCorp India. Reciprocally, InCorp India will add speed and efficiency to serve its clients technologically across locations,” said InCorp India CEO Manish Modi.

The startup had raised $2 Mn from equity firm Kalaari Capital in 2015 and an undisclosed sum from Udaan cofounder Sujeet Kumar in 2020. With this round, Kalaari Capital will be exiting its investment.

The global legal services market reached a value of $713 Bn in 2020, and is expected to grow to $908 Bn in 2025 at a CAGR of 4.9% and further grow to a $1.1 Tn industry in 2030. The Asia Pacific market is expected to grow at a CAGR of 7.2% during the same period.

Recently, Gurugram-based B2B compliance tech startup Complinity raised $750,000 in pre-series A funding. It offers a compliance software platform that covers more than 2000 laws and 20,000 compliances across the state in more than 50 industry verticals.