Incorp India, a corporate solutions provider firm, has invested $10 million in Vakilsearch, a technology platform which offers support to the small businesses and individuals with their legal, tax and compliance needs. The fundraise will be used in accelerating tech and product development and as well as in the marketing, sales and talent acquisition at Vakilsearch. The startup said its existing investor Kalaari Capital is also exiting its investment through the transaction.
Vakilsearch had raised $2 million from Kalaari Capital and was backed by Udaan Co-founder Sujeet Kumar in 2020. The company offers compliance tech solutions providers and offers services including incorporation, government registrations, corporate and tax filings, trademark filings, accounting, payroll and other support services to businesses.
The company claims to have catered to 80,000 small businesses, among other clients, including over 30,000 businesses since the start of the pandemic alone, enabling over 10,000 new incorporations and over 8,000 trademark filings. "As a part of its growth, with its revamped tech platform to be launched by December 2021, the company is now pivoting from a transaction-based service provider to a client based advisory platform. The company shall offer multiple compliance and advisory solutions to its clients using AI, improving efficiency in operations and enhancing customer experience," VakilSearch said in an official statement.
"The alliance with InCorp India presents us with an attractive opportunity and the power to implement our growth strategies. InCorp India, like Vakilsearch, prioritises quality and integrity through innovation. Our clients can expect a disruptively brilliant experience in the years ahead, where we leverage InCorp India's deep domain knowledge and combine it with Vakilsearch's cutting edge technology solutions and platform," said Hrishikesh Datar, Founder, Vakilsearch.
Manish Modi, CEO, InCorp India, said the investment would expand its business in India and complement the business activity of InCorp Global. "With this investment, we will leverage the strengths of Vakilsearch and accelerate our Artificial Intelligence (AI) and Machine Learning (ML) initiatives. Vakilsearch will increase the depth of its service offerings by augmenting the technical capabilities and global best practices of InCorp India. Reciprocally, InCorp India will add speed and efficiency to serve its clients technologically across locations. With compliance and the reg-tech space being ripe for disruption, the knowledge cum technology-intensive partnership between Incorp India and Vakilsearch is not only unique but also pathbreaking in many ways," he added.
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