IIFL Fintech Fund, a prominent player in India’s financial sector, has made a significant move by acquiring secondary shares valued at Rs 21 crore in Leegality, an innovative startup revolutionizing document infrastructure.

Strengthening Trust in Leegality

This transaction underscores IIFL Fintech Fund’s continued confidence in Leegality, following its initial investment in 2022. A spokesperson for the Fund remarked, “IIFL Fintech Fund has reinforced its belief in Leegality by doubling its investment through its Series II fund, acquiring an additional stake through a secondary transaction.”

About Leegality

Founded in 2016 by Prakhar Agrawal, Sapan Parekh, and Shivam Singla, Leegality addresses the challenges of paper-intensive business workflows. The startup specializes in end-to-end digital document logistics, offering application programming interfaces (APIs) that support e-signatures across various technology stacks including BharatSign, National E-Governance Services Limited, and BharatStamp.

Comprehensive Features and Solutions

Leegality’s platform comes equipped with crucial features such as signer verification, automated verification workflows, document tracking, and robust security measures. Their offerings cater to a diverse clientele with distinct pricing models structured into four plans tailored for individuals and businesses alike.

Navigating Compliance with DPDP

With the introduction of the Digital Personal Data Protection Act (DPDP) and its increasing acceptance among corporations, Leegality has emerged as an early adopter. The startup recently unveiled Consentin, a product developed to assist businesses in managing full DPDP compliance, which is already gaining traction with over 10 implementations across various sectors, including public sector banks and manufacturing companies.

IIFL Fintech Fund’s Second Fund Closure

In January, IIFL Fintech Fund successfully closed its second fund, raising Rs 200 crore from domestic family offices and high net worth individuals. This strategic move equips the Fund with fresh capital to further support fintech and regulatory infrastructure companies throughout various stages of their development.

Looking Ahead

The investment in Leegality is a clear indication of the growing interest and necessity for digital solutions within the financial sector. As companies increasingly seek to enhance their compliance measures and streamline operations, startups like Leegality are poised to play a crucial role in shaping the future of digital document management.