LegalRaasta, an online consultancy startup for business and legal matters has secured Series A funding of $5 Million (Rs 32 Crore) in their fresh round of funding. The funding round was led by Impanix Capital.
The Delhi-based startup was found in June 2015 by former McKinsey consultants Pulkit Jain, Kanika Gupta and Himanshu Jain. LegalRaasta is a technology platform to simplify legal and business related matters. The startup is committed to helping other startups and small business owners in solving legal compliance related to starting and running their business.
Himanshu Jain, co-founder of LegalRaasta. “With our functionalities, on the ASP si de, we are targeting mid-tier enterprises with an annual turnover of Rs 100-500 crore, as the prices of software developed by larger entities are prohibitive for them. We are also targeting CA firms who can use our software for filing returns for multiple clients.”
LegalRaasta provides services like ITR filing, TDS filing, company registration and trademark registration among others. They claim to provide services for over 80,000 SMEs in India and offers over 50 services linked to financing and taxation. Read more about LegalRaasta.
In a press release, LegalRaasta claims that they will be using the fresh funds in building GST compliance software for SMEs, CAs, and enterprises. There will be a new standalone GST software as well as an API interface to connect ERP (such as SAP, Oracle, and Tally) with GST systems.
LegalRaasta has also set up a 24×7 helpline for SMEs to get in touch with experts and get their queries on GST registration answered. It claims to have clocked revenues of nearly Rs 10 crore during FY2016-17.
On their investment, Archit Bhargava, Venture Partner at Impanix Capital, said: “GST is a big opportunity & will should many organized tax players emerge. A 5-10% market share translates into billion dollars in revenue. We liked the team at LegalRaasta, and believe that they will emerge as one of the top players.”
According to a survey, the Legal and compliance service market in India has been estimated at the INR 40,000 crore, & this market is growing at a staggering 25% per annum. In addition, GSTcompliance is expected to be a 17,000Cr market. With the current domestic market position, the service market is expected to grow vastly. Read more about Indian Startup Ecosystem