Chennai: Vakilsearch, an online platform for legal, tax, and compliance services operated by Chennai-based Uber9 Business Process Services, on Thursday raised $10 million (Rs 75 crore) from Incorp India.
The company said it will use the fresh infusion to accelerate tech and product development and marketing, sales, and talent acquisition.
Earlier in 2015, private equity firm Kalaari Capital had invested $2 million (Rs 15 crore) in Vakilsearch. It had also raised an undisclosed sum from Udaan co-founder Sujeet Kumar in 2020. Through the transaction, Kalaari Capital is also exiting its investment. Vakilsearch was founded by Hrishikesh Datar in 2011. He is an alumnus of the National Law School, Bangalore. Vakilsearch helps businesses with registrations, incorporations, accounting, filing, annual compliance, and legal documentation. The company further offers several need-based services such as tax filings, property agreements, and consumer rights protection.
“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 of InCorp India, said. Veda Corporate Advisors advised Vakilsearch on this deal.
Vakilsearch said it has catered to over 80,000 small businesses among other clients, including over 30,000 businesses since the start of the pandemic, it has enabled over 10,000 new incorporations and over 8,000 trademark filings.
The company said it has revamped its tech platform which will be launched by December 2021, the company is now pivoting from a transaction-based service provider to a client-based advisory platform. it will offer multiple compliances and advisory solutions to its clients using AI, improving efficiency in operations and enhancing customer experience.
Vakilsearch competes with players like NovoJuris and Legal Raasta for many of its services.
InCorp India is the Indian arm of TA Associates-backed Singapore-headquartered InCorp Global. The firm provides corporate solutions with a presence in South-East Asia. It specializes in providing tech-based incorporation, corporate secretarial & compliance, accounting, taxation, FEMA, and investment banking services to its clients while partnering them in their entire business lifecycle.