Doqfy, a Bangalore, India-based contract execution SaaS platform, raised Rs 7.5 crore in a pre-Series A funding round led by Turbostart and Pentathlon VC.
Other investors like Lead Angels, SilverNeedle VC, LetsVenture, and Angel.co also participated in the round.
The funds will be used for tech enhancements of the platform and business growth through building partnerships.
“Compliances are one of the 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. 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,” said Aditya Padranki, Founder, of Doqfy.
Doqfy was launched with the aim to solve a mandatory compliance requirement for businesses in India. The company claimed that it has been profitable for the last 12 months clocking an annual rate of return (ARR) of Rs 6 crore.
As the company worked towards PMF, the platform focused on tech for contract execution with eStamping and eSignatures. The company works with customers like HDFC Bank, Bajaj Finserv, Ujjivan Small Finance Bank, Axis Bank, DBS Bank, Xiaomi, Swiggy, Meesho, Unacademy, JLL, and Colliers and has a team strength of about 40 people.
Company: DOQFY Internet Private Limited
Raised: Rs 7.5 crore
Round: pre-Series A
Funding Month: March 2023
Lead Investors: Turbostart and Pentathlon VC
Additional Investors: Lead Angels, SilverNeedle VC, LetsVenture, and Angel.co
Company Website: https://doqfy.in/
Software Category: Contract Lifecycle Management (CLM) Software
About the Company: Founded in 2019 by Aditya Pandranki, Manjula Rao, and Vilaas BV, DOQFY is a contract execution SaaS platform with a simple and user-friendly web application through which individuals and businesses can execute their documentation with eStamping and eSigning. The company’s online platform empowers users to create and customize their legal documents and workflow. DOQFY provides over 1200 legally curated document templates suitable for businesses, professionals, and individual users across India.
Source: https://startup.outlookindia.com/investors/contract-execution-platform-doqfy-raises-rs-7-5-crore-in-pre-series-a-funding-round-news-7814