Lawin1 was launched in September 2014 as an online platform for delivery of Legal service across the country by two college students- Manik Gupta and Pradeep Kumar from Army Institute of Law, Mohali. Over the past 20 months, the startup gathered more than 600 clients from across the country ranging from traditional manufacturing houses to well funded ventures.
The company registered 20 per cent annual growth. Lawin1 had initially launched with 30 services under 4 categories, namely:
- Business Registration
- Tax Filings
- Legal Advice.
Later realising the demands of the market, founders changed its model to focus on Business Registration and Documentation departments and dropped the other two categories. Lawin1 developed extensive online and offline capabilities to enable the provision of Legal Services like document drafting, business incorporation and compliance online.
The founders are Manik Gupta (22) and Pradeep Kumar (22), who are 5th year students of Army Institute of Law, Mohali, which is one of the top tier law college of the country. They set up the company at the start of their 3rd year with the aim of learning something new.
IDEA BEHIND LAWIN1
Manik says “We initially started this as a project to learn some basic drafting by picking up projects from businesses. We were bored of college life and wanted to learn something that was being taught beyond just theory. We never thought it would go so far.”
Founders chalked out a basic plan with 30 services at the start of August, 2014 but could not decide on a name for a couple of days since most of the domain names were already registered.
When asked about the idea behind the name of the start-up Manik Gupta said that they were confused with what name to decide then suddenly Pradeep (co founder) spotted a Haldiram’s All in 1 Namkeen packet on the floor of our hostel and coined the first word “Law in 1”. They booked the domain almost instantly and got started.
STARTUP GOT ACQUIRED
Lawin1 Legal Process Solutions got acquired by Karvin Management Consultants Private Limited, a New-Delhi based business advisory firm. The deal was closed with Kapil Dudeja, director, Karvin Management. The deal was in cash and stock transaction with total value of $5,84,000.
When asked about the reason for selling the start-up Manik said that the reasons for the acquisition were purely business considerations. They were doing fine with respect to revenue, but were squeezing out on margins to get work. Another problem was that where founders were most active, i.e. in the B2B space, more competitors were coming up with NLP based document generation software, and it was becoming difficult for them to manually keep up with it. Moreover since their engineering knowledge was limited, they could not build an NLP engine themselves.
Hard work paid off. Manik and Pradeep became millionaires at age of 22 years. This proves that age is no bar for success; it is the hard work which means everything. Read more Startup News.