Simplifying Legal Matters for Startups

Simplifying Legal Matters for Startups

Fintech & Financial Services Startup50

In Startup50 2017: LegalRaasta won an award for serving 150,000 SME customers within 3 years of launching, and scaling up revenue 4 times last fiscal. 

Founder: Himanshu Jain

Founded by a team of Chartered accountants and Management consultants in May 2015, is a technology platform to simplify legal and business related matters and helps startups and small business owners to solve legal compliance related to starting and running their business. The company has been focused on technology since its inception and has automated forms and processes for all its services. It provides taxation and finance services to SMEs, in addition to company registration, fssi registration, import export code and MSME certification for mid size companies in India.

The company currently has a network of over 100 professionals including experienced Chartered Accountants, Company Secretaries, Lawyers, Cost Accountants, Chartered Engineers and Bankers. With an employee base of 75,  it currently services over 1.50 lakh customers including some large companies like Kotak and Tata Power.

Key Challenges

Many of its tools and systems depend on government decisions – example, changes in the GST and Accounting systems as per the changes in government rules. There has been a 360 degree change in its software because of the changes suggested by the government. Attracting and retaining good talent is also a challenge for the company.  

Fund raising journey

It raised Series A to the tune of Rs.32 crore from Impanix Capital. The company plans to use these funds to build GST compliance software for SMEs, CAs, and enterprises.  It plans to strengthen its team from 120 people to more than 400 and also increase its reach to Tier II cities.             

Growth path

The company has been growing at the rate of 30 per cent on a month-on-month basis and wants to scale up at a fast pace. The company has already applied to the government to be a GST Suvidha Provider and is targeting 80 lakh SMEs to be covered under the GST regime. 

It aims to have a Pan-India presence with over 50 offices across the country in more than 30 states. It plans to leverage technology to serve customers and aims to serve more than 100,000 SMEs by the end of 2018. 

Quick Facts:

  • 150,000 : Number of SME customers served within 3 years of launching the company
  • 32 crore : Raised Series A from Impanix Capital
  • Number of employees : 75
  • 100,000 : Number of SMEs it aims to serve by the end of 2018. 

Poornima Kavlekar has been associated with The Smart CEO since the time of launch and is the Consulting Editor of the magazine. She has been writing for almost 20 years on a cross section of topics including stocks and personal finance and now, on entrepreneurship and growth enterprises. She is a trained Yoga Teacher, an avid endurance Cyclist and a Veena player.

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