Chennai: Incorp India on Thursday announced its investment of $10 million in compliance tech platform Vakilsearch which provides support to small businesses and individuals with their legal, tax and compliance needs.
InCorp India said the transaction envisages a primary infusion accelerating tech and product development and sprucing up the marketing, sales and talent acquisition at Vakilsearch. Further, Kalaari Capital is also exiting its investment through the transaction.
Vakilsearch provides compliance tech solutions’ and offers services including incorporation, government registrations, corporate and tax filings, trademark filings, accounting, payroll and other support services to businesses.
“Our clients can expect a disruptively brilliant experience in the years ahead, where we leverage InCorp India’s deep domain knowledge and combine it with Vakilsearch’s cutting edge technology solutions and platform." said Hrishikesh Datar, Founder, Vakilsearch.
The platform has catered to over 80,000 small businesses among other clients, including over 30,000 businesses since the start of the pandemic alone, enabling over 10,000 new incorporations and over 8,000 trademark filings.
“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," Manish Modi, CEO, InCorp India said.
He added that with compliance and the reg-tech space being ripe for disruption, the knowledge cum technology-intensive partnership between Incorp India and Vakilsearch is not only unique but also pathbreaking.
Vakilsearch's revamped tech platform is to be launched by December 2021. The company is pivoting from a transaction-based service provider to a client based advisory platform. The company shall offer multiple compliance and advisory solutions to its clients using AI, improving efficiency in operations and enhancing customer experience.
“Data led insights and analytics are the core of our philosophy, and the platform built by Vakilsearch provides us with the building blocks to create a Compliance Tech platform of the future. Going forward, we will continue to look at partnerships with traditional consulting companies, and we will continue to look at bolt-on acquisitions to accelerate the compliance tech platform,” Inderpreet Chadha - Head, M&A InCorp India said.
Earlier in 2015, private equity firm Kalaari Capital had invested approximately US $2 million in Vakilsearch. It had also raised an undisclosed sum from Udaan Co-founder Sujeet Kumar in 2020.