Doqfy, a SaaS platform, has secured Rs 7.5 crore in a Pre Series A round of funding. Pentathlon VC and Turbostart have taken the lead in the Round. Lead Angels, SilverNeedle VC, LetsVenture, and Angel.co, led by Archana Priyadarshini, were additional investors in the round.
The money raised will be put to use for business expansion through partnerships and platform technological improvements, as per reported by BW Disrupt.
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Aditya Padranki, Founder, Doqfy, says, “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.”
By providing a broad range of legal documentation services via B2B channels, DOQFY has emerged as a leader in establishing enduring business ties. Contract execution, electronic stamping, and electronic signatures are some of the core services.
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Ganesh Raju, Founder, Turbostart, says, “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.”
Hemant Joshi, Managing Partner, Pentathlon Ventures, says, “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.”
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Sushanto Mitra, CEO, Lead Angels, says “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, adds, “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 .”
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DOQFY is a SaaS platform for contract execution that features an easy-to-use web application that allows both individuals and businesses to electronically stamp and sign documents.