LegalRaasta, an online portal which provides legal aid to small and medium sized businesses, has today raised $1 million (Rs. 6.5 crore) in its seed funding round from Praveen Khandelwal and Yatin Kumar.
This fresh capital will help the company to strengthen its tax returns and marketplace verticals on the platform. Along with expansion of offerings, it will also expand its team from current count of 25 to around 70 and will set up offices in metro cities around the nation.
Founded in June 2015 by Himanshu Jain and Pulkit Jain, LegalRaasta.com is a technology platform to simplify legal and business related matters. It aims to help startups and small business owners in solving legal compliance related to starting and running their business.
The company’s mission is to offer affordable, quick and automated professional services to its clients. Through technology, the company claims to be bringing numerous government and legal forms at one place and have simplified them to be fully understood by common man.
It is aiming to become the go-to platform for services such as forming any type of business entity, filling individual and company return, helping on company compliance such as ROC filings & minutes, protecting work through trademark & copyright, among others.
It helps customers with registrations, licences and tax filing through simple and trouble-free DIY forms. The company is charging a nominal fee for processing work and submitting documents with government departments.
The company claims to have more than 2,200 customers for its service. It further states that it is getting over 11,000 inquiries daily and claims that its revenues are growing at the rate of whooping 40 percent per month.
As per Legal Raasta, the legal services and compliance market in India is estimated at over Rs. 20,000 crore and is growing at the rate of 25 percent per annum.
Out of this, less than 3 per cent has been penetrated by existing online players. The company intends to target 2-4 per cent of this market over the next three years. In this space, LegalRaasta is competing against the likes of Vakilsearch, Indiafilings, MyOnlineCA, etc.