Legal-Tech Startup 'SpotDraft' Eyes the $80B Global Contract Automation Market, Raises $550K
Over the last 9 months SpotDraft has successfully executed over 3500 contracts. Plus, the Inbox service has also created a lot excitement across different sectors, from banks to start-ups, all of whom looking to scale.
Gurgaon based legal technology startup 'SpotDraft' has launched an online platform for drafting and executing contracts. Eyeing the $80 billion global contract automation market, SpotDraft handles all aspects of end-to-end contract life-cycle management driven by its Artificial Intelligence (“AI”). Founded earlier this year, with the thought to create efficiency in the otherwise time-consuming and mundane process of legal documentation, using technology; 'SpotDraft' is the brainchild of Harvard Lawyer Shashank Bijapur and Ex Googler Madhav Bhagat.
Where on one hand, Shashank, a Wall Street Lawyer and a Harvard Law School alumni adds the legal acumen to the business. On the other hand, Madhav a computer science graduate from Carnegie Mellon, with his work experience at Google, New York as a Senior Developer; perfectly synergises to put together a successful team.
In the era of a thriving start-up environment, the duo have seemed to spot a sweet spot for themselves in a space, which so far has remained unclaimed. With this ability to automate legal processes, SpotDraft, aims to become the go-to application for businesses to manage their legal documentation at an affordable cost and with less time and involvement.
Talking about the platform, Shashank Bijapur, Co-Founder of SpotDraft, says, “I am a lawyer. I have seen upfront what lawyers do and how they work. I realized that the process is time consuming and riddled with inefficiencies. I have sat down on the other side of the table with clients and seen them take long to do something very simple. Despite working on similar deals, we still had to create additional paperwork."
Having raised the seed fund of INR 3.5 crores (USD 550,000), from investors, the company has Hunch ventures as its lead investor. The other investors backing the project are Spiral Ventures (Japan, and previously known as IMJ Investment Partners); 500 Startups (USA); Singapore Angel Network (Singapore); and Satyen Kothari (founder/CEO of Cube, and founder of Citrus Payments.). The platform plans to use this capital, for scaling the business and marketing the product locally.
Talking about the role that he sees SpotDraft playing in the market, Madhav Bhagat says, "I am confident that SpotDraftcan reduce cost and increase speed for legal processes by at least 10x. When working on Google Classroom I saw how good technology can let teachers and students focus on what they want to do. Our goal with SpotDraft is to free entrepreneurs and businesses to build and innovate, and not spend time wrangling contracts."
Shashank further adds “From creating contracts and invoices to getting regular updates on outstanding obligations under the contracts, moving forward SpotDraft will provide the users a complete end-to-end contract management solution at the press of a button. For now the focus is on the Freelance Market, however the target base will soon grow to include SME’s and Medium Size Business".
Legal-tech is witnessing an emergence of players with portals like Vakilsearch, LegalRaasta, MyAdvo, LawRato, already in the market; SpotDraft stands to differ by doing everything that everyone is doing and yet doing it differently.
The platform not only drafts contracts for the users but its AI also tells the user what is good and bad about their existing contracts, without any additional cost or fees. Another differentiating factor is of the integrated contract management solution, where the platform not only focuses on contract management but also how it affects the businesses; what to do when a contract is expiring; what needs to be done when there is a breach; and ensuring compliance issues are taken care of.
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