LegalRaasta raises Rs 32 crores in Series A funding from Impanix Capital. The Delhi-based tech-enabled legal startup, which helps SMEs and offer finance and taxation service. In an official statement, the company said to deploy these fund in building the GST compliance software for SMEs, CAs, and enterprises. Also, there will be a standalone GST software and an API interface developed to connect ERP (such as SAP, Oracle, and Tally) with GST systems.
“GST is a big opportunity & will should many organized tax players emerge. A 5-10% market share translates into billion dollars in revenue. We liked the team at LegalRaasta, and believe that they will emerge as one of the top players” said Archit Bhargava, Venture Partner at Impanix Capital.
LegalRaasta intends to simplify GST filing through features such as reconciliation, excel upload, and app-based GST filing. The startup firm has already applied to be a GST Suvidha Provider and has set up a 24×7 free helpline service where SMEs can get resolve their queries.
“Our aim is to invest this money in building our technology and operational team. We will scale up the team to 300 people over next 6 months” said co-founder founder Pulkit Jain.
LegalRaasta was co-founded in 2015 by the duo siblings Himanshu Jain and Pulkit Jain with an aim to help entrepreneurs and SMEs with business registrations and compliances. At present, the startup claims to serve more than 80,000 SMEs and offer over 50 finance and taxation services till date.
Apart from the business registrations and compliances and newly added GST filing, helping in filing tax returns, getting FSSAI and IEC licences, and drafting legal documents.
The market in India valued at INR 40,000 crore and further, it is growing by 25% per annum. With GST implementation, there will be an additional market of about 17,000Cr and other players such as Vakilsearch, LawRato, Legistify, and MeetUrPro are also exploring the in the domestic market.