The Delhi-based startup which raised a Rs. 7 crore angel funding in the March month of 2016 is in talks with multiple investors to raise Series A funding to create a GST compliance platform. As GST is expected to be implemented from April’17, LegalRaasta plans to emerge as an early mover. LegalRaasta intends to serve its existing SME clients & over 80 lakh+ potential SMEs to be covered under GST regime. The startup has already tied-up as an Application service provider (ASP) with GSTN.
LegalRaasta was started by a former McKinsey consultant - Himanshu Jain & his brother, Pulkit Jain who is a CA cum CS. “LegalRaasta already offers registration and return filing services to SMEs & GST compliance comes as a logical business extension” said Himanshu Jain.
LegalRaasta has started hiring management team from top consulting firms and other large tech start-ups to build its GST offering and is also bringing Senior VAT official – Mr. RK Jain as an advisor on board.
The company has already set up a 24x7 free helpline service where SMEs can get in touch with experts and resolve queries related to GST registration and GST return filing.
The company will invest the funding proceeds in building a cloud solution to simplify GST filing through features such as excel upload, app-based GST filing etc. “Our aim is to invest this money in technical and operational teams. We will scale-up the team from 60 to 200 over next 6 months” said Pulkit Jain.
LegalRaasta was started in 2015 as an online platform for business registrations, compliances and legal documentation. Founded with the intent of helping entrepreneurs and SMEs, the company has served more than 40k SMEs till date. Their current services include company registration, itr filing, Tds filing, trademark etc.
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, GST compliance is expected to be a 17,000Cr market. At present, looking at new opportunities introduced in the domestic market it is clear that the market share is scheduled to grow exponentially.