Help with the law, taxes are just a click away

0

Chennai: Legal matters run in his blood. But instead of joining the firm of his father, senior lawyer Arvind P Datar, Hrishikesh Datar launched Vakilsearch.com, a legal and tax compliance platform, shortly after graduating from the National Law School, Bengaluru in 2010. .
“My vision was to simplify legal and tax compliance for 1.3 billion individuals and 70 million small businesses in India,” says Datar, who established his company, Uber9 Business Process Services Pvt Ltd, in September 2011. The idea was to ensure that they did not face sanctions and legal action from the government,” he adds.
It is now the largest single company and trademark registration platform in India. It makes nearly 4% of all trademark registrations in the country. The company has over 70,000 customers and expects that number to hit one lakh in the coming months. “Right now, we’re consolidating all of our learnings into one platform, where a company can track all of their day-to-day compliance with just one click,” says Datar.
Recalling the situation at the time of Vakilsearch’s launch, Datar says, “The whole process seemed way too complicated. There was no easy way for small businesses to access these services, either online or offline. It was a fragmented and broken market.”
His challenge was to convince investors and clients of the magnitude of the opportunity, as legal and tax compliance as a consolidated business was a new market. Paying for legal services online was another challenge. People were used to paying lawyers and chartered accountants in cash or offline. It was a completely different market, based on pen and paper. “We basically had to break into this market and building an online environment was difficult. The Union Government’s digitization campaign and the need for compliance after the GST came into effect helped us,” he says. .
The company has so far raised $14 million – $4 million in Series A, led by Kalaari Capital, and $10 million in Series B, led by InCorp India, fundraisers. Although Datar is the solo developer, the company is led by an executive team spanning multiple functions, including product, engineering, business development, marketing, and operations. It has over 500 skilled professionals and has offices in Chennai, Bangalore, Hyderabad and New Delhi.
“There is still work to be done and a long way to go, even though we have the largest market share for company registration and trademark filing. We want to be the small business champions in India,” says Datar.
Datar is inspired by the success of California-based LegalZoom, the largest company incorporation firm in the United States, which went public last year. “They have a phenomenal market share and have also built a brilliant technology base,” he says.
According to him, Vakilsearch has found strong growth momentum and wants to raise another round of funding later this year. “We are on the cusp of a big legal breakthrough. The market is finally and completely ready for a disruption. This will help us go public next year with an IPO,” Datar said.

FOLLOW US ON SOCIAL NETWORKS


Source link

Share.

Comments are closed.