Mumbai Angels and others participate in a $5 Mn investment round in document infrastructure platform, Leegality

Mumbai Angels and others participate in a $5 Mn investment round in document infrastructure platform, Leegality

Leegality enables businesses to digitally transform their document logistics and is used by over 1500 Indian businesses including group entities from 8 out of the top 10 banking conglomerates in India.  Mumbai, India, October 21, 2022: Document infrastructure platform Leegality today announced that it has raised $5 Million in an investment round led by IIFL Fintech Fund. Existing investors Mumbai Angels also participated in the round.  This investment comes as a time when digital infrastructure space has got boost from legal developments like the IT act amendment which allows digitization of immovable property contracts and power of attorneys - and the RBI Digital Lending Guidelines which impose new digital paperwork requirements on digital lenders.

Nandini Mansinghka, CEO of Mumbai Angels Network said, “Digitizing documentation in a legally compliant way is a hard problem, especially in regulated industries.  From its inception, Leegality has been innovating from the ground-up - focused on accelerating document logistics in a fast and compliant way. This approach has led to building a truly differentiated product that customers have come to love & trust.”

Shivam Singla, Founder of Leegality said, “We estimate that in the Indian lending ecosystem alone, more than 60 crore digital paperwork transactions are needed annually to completely eliminate physical paperwork. Imagine what will be needed for the entire economy. Leegality is addressing this gap with first-of-its-kind digital infrastructure built for Indian ground realities and core compliance needs unique to the Indian business environment. In five years, Leegality will be the standard way to execute documents in India. We are proud to receive the support of the IIFL Fintech Fund on this journey.”  Since 2020, Leegality has grown its quarterly revenue by more than 13 times and its employee strength by 7 times, while also being cash flow positive.

Mehekka Oberoi, Fund Manager, IIFLFintech Fund said, “Digitization is a major priority of all major BFSI companies today. We are super impressed with the expertise of the Leegality team and the depth of their offerings. We have seen the impact of Leegality’s solutions first-hand, and we are confident that Leegality is very well placed to tap on the digitization wave in the BFSI sector. This is the first major early stage investment into a legal-fintech company in India, and we are proud to enable it.” Beyond its business traction - Leegality is an extremely popular place to work - achieving an employee Net Promoter Score of 97 (in a survey conducted by Binny Bansal founded xto10x) - the highest in the Indian startup ecosystem.

In August 2021, IIFL Fintech Fund was established with a dedicated Rs 140 crore sponsorship from two group companies - IIFL Finance and IIFL Securities. The financial services group with a large retail interface is aiming to offer last-mile credit with the help of cost-effective technologies. The fund’s investments include Trendlyne, Leegality, FinBox, Trendlyne, DataSutram, Multipl, Finarkein, TrustCheckr, EasyRewardz and Open Financial Technologies.

About Mumbai Angels Started in 2006, Mumbai Angels Network is India’s premier platform focused on new venture investing. Mumbai Angels today has a 200+ strong portfolio across sectors and cities across India. Of the overall portfolio, the platform has exited/secured the next round of funding for 100+ of them. Today the platform has 700 investors spread across 60+ cities within and outside India.