Vakilsearch, a legal tech startup has raised $10 million in a new round headed by InCorp India. Kalaari Capital is also exiting its investment through this transaction. Kalaari Capital, a private equity fund, having invested $2 million in Vakilsearch earlier in 2015. In 2020, it also got an undisclosed sum from Udaan co-founder Sujeet Kumar.
The funds will be used to accelerate tech and product development, as well as marketing, sales, and talent acquisition, according to the Chennai-based startup. Vakilsearch, founded by Hrishikesh Datar, provides a variety of need-based services such as tax filings, property agreements, and consumer rights protection.
The company is transitioning from a transaction-based service provider to a client-based advising platform, with the new tech platform set to begin in December 2021. It will use AI to provide its clients with a variety of compliance and consulting solutions, increasing operational efficiency and boosting customer experience.
For many of its services, Vakilsearch competes directly with players such as NovoJuris and Legal Raasta.