Compliance Software Startup 'Complinity' Raises $75K
The funds raised will be utilized to expand the overall technology, sales and operational capabilities of the company.
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Complinity, a Gurgaon based startup in the B2B SaaS space has raised $750,000 (INR 5.5 crore approximately) in a funding round from RiSo Capital, an early-stage VC investment firm based in Silicon Valley (US), along with Rajnish Babbar, another lead investor from the US and few other angel investors, as part of the Pre-Series A round closure. The funds raised will be utilized to expand the overall technology, sales and operational capabilities of the company.
Founded in 2017 by Sumit Pahwa, Hari Balasubramanian and Kapil Sharma, Complinity is India’s Leading Compliance Software Company covering 2000+ Laws and 20,000+ compliances in India across all states and 50+ industry verticals. There are 100s of legal updates notified each month and the regulatory vigilance mechanisms are becoming more stringent by the day with the increasing adoption of technology by the regulators including the use of AI-based analytics. Non-compliances with laws are fraught with the risk of heavy monetary penalties, interest on delayed payments, imprisonment of directors or key managerial personnel, license cancellation and reputational impact. Therefore, compliance is the path to building sustainable businesses.
Governance, Risk, and Compliance (GRC) monitoring even in large companies continues to be a manual process. Complinity aims to disrupt and transform the GRC space with the help of technology. Complinity helps businesses establish a centralized Compliance Monitoring Framework across different locations of an organization with real-time automated legal updates, alerts, escalations, workflows, dashboards and document management. Complinity also puts an organization’s Contracts, Litigation, Risks, Controls, Audits and much more on the digital platform, thereby managing the risk of non-compliances, contract breaches and control failures, thus driving efficiencies with automation, real-time visibility and access to information across all levels of an organization.
Complinity is adding value to 300+ enterprise customers and 8000+ users and is working with leading brands all over India across 50+ industry verticals. Complinity recently achieved its ISO 9001:2015 and ISO 27001:2013 certifications on quality and data security respectively and has an aggressive product road-map across all modules including the use of machine learning and AI.
Sharing his thoughts on the closure of the funding round, Sumit Pahwa, Co-founder and CEO, Complinity said, “We are thankful to RiSo Capital and all other investors who believed in us and in our vision. We founded Complinity with a mission to establish regulatory compliance monitoring mechanism in Companies through technology. We believe we are still at early stages of technology disrupting the Compliance space. There are 1.3 million Companies in India and less than 1% use any such software. This presents an exciting opportunity before us in this virgin market. The current round of investment will help us scale the technology for making cutting-edge SaaS products with a global appeal.”
Mahendra Jain, General Partner, RiSo Capital added, “The Complinity founders and team carry a rich experience in Technology, Legal and Business and we’re super excited to be part of their growth journey. India is rapidly digitizing small and medium businesses and Complinity is one of the fastest growing Compliance Software Companies in India to bring ease of processing and doing business. They have built a significantly disruptive SaaS product with a wide pan-India marquee customer footprint and hold a global vision.”
Devansh Shah, Bilanz Capital was the advisor to the deal.
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