Contract execution SaaS platform Doqfy has raised Rs 7.5 crore in a pre-Series A funding round led by Turbostart and Pentathlon VC.
The round also saw participation from Lead Angels, SilverNeedle VC, LetsVenture, Angel.co led by Archana Priyadarshini. The startup plans to use the raised capital for tech enhancements of the platform and business growth through building partnerships.
Aditya Padranki, Founder, Doqfy, said, “Compliances are one of major cost heads for companies and the costs go up as the companies grow in size. Another aspect is the complex nature of the compliances. There have been instances where companies are not even aware if they are in breach because for far too long compliances have been managed in a manual way with very little tech intervention. We see this as a large untapped opportunity. Our platform, which has undergone changes as we incorporated feedback from our customers and mentors, is now a full stack offering helping companies stay compliant and easing the burden of it to facilitate smooth business operations.”
Founded in 2019 by Aditya Pandranki, Manjula Rao, and Vilaas BV, Doqfy said it aims to solve a mandatory compliance requirement for businesses in India.
As the company worked towards PMF, the platform focused on tech for contract execution with eStamping and eSignatures, which became an instant attraction for enterprise customers.
Over the last year, as the platform underwent significant tech enhancements, achieving a PMF and the right price points, these changes have made Doqfy extremely relevant for the SMBs who have contracting requirements like creating contracts, negotiations, execution with e-stamping and e-signatures and milestone management.
Ganesh Raju, Founder, Turbostart, said, “We first came across Doqfy’s application for the first cohort of Turbostart in 2019. Given our background, we were acutely aware of the excessive amount of time, money and resources expended on legal compliance. Doqfy’s proposition stood out immediately amongst the other applicants. At Turbostart, our mission is to be enablers first and financiers next. Two years on, it has been extremely fulfilling to work closely with their team and witness the impact we’ve had on Doqfy’s journey. We’re thrilled to celebrate this milestone with them and look forward to being part of their continued growth and success.”
Doqfy claims that it has been profitable since the last 12 months clocking an ARR of Rs 6 crore. In addition to this, It works with marquee customers like HDFC Bank, Bajaj Finserv, Ujjivan Small Finance Bank, Axis Bank, DBS Bank, Xiaomi, Swiggy, Meesho, Unacademy and JLL, and Colliers.
The Company currently has a team strength of nearly 40 people.
Hemant Joshi, Managing Partner, Pentathlon Ventures, said, “Contract execution space is set to grow to 10B+ market in India & close to 70B worldwide. We believe DOQFY is uniquely positioned to offer trusted, secure, affordable contract execution. DOQFY aligns with our fund’s core philosophy of backing passionate entrepreneurs who build disruptive digital solutions for India & global markets. We are excited to partner with the DOQFY team in rapidly scaling their business to its next orbit.”
Sushanto Mitra, CEO, Lead Angels, said, “Legal documentation continues to be a bottleneck as the velocity of business transactions rises in the digital age. DOQFY is catering to such a quickly expanding industry that also requires a high level of legal assistance.”
Deepesh Agarwal, Co-founder & Partner, Silverneedle, said, “Digitization is a key theme for every business globally, it’s an even more potent space for Startups when solving key challenges around automation, management and execution. Doqfy solves some key operational challenges for its clients around Legal documentation, automation and execution. Silverneedle is happy to invest in Doqfy team and also provide necessary support.”
According to a report by Straits Research, contract lifecycle management is a $965 billion market globally and is growing at CAGR 13.2%. The market, which is growing fastest in the APAC region, is expected to touch $2940 billion by 2030 with North America as the largest market globally.