[ad_1]
India’s legal tech start-ups raised $57 million in funding in the last decade. India has more than 650 legal tech start-ups and the sector is valued at $1.3 billion: less than 1 per cent the worth of the US market, according to a report by CIIE. CO.
The Indian sector, the second biggest in the world, is at the cusp of expansion. “Indians spend about 0.48 per cent of the GDP on litigation. Entrepreneurial drive aided by cutting edge technology can potentially tackle the inefficiencies found across the legal services landscape.
While the sector is in its nascent stages, it is seeing strong tailwinds like the increasing digitalisation of court proceedings,” said Supriya Sharma, partner–insights, CIIE. CO.
The report, the first of its kind in India, defines legal tech as “technologies that enable and improve access and usage of legal services, including access to justice as well as development and delivery of these solutions by legal service providers.”
Funding for this sector began in 2013. Since then, 32 start-ups have raised over $57 million in 70 funding rounds until June 2022.
Almost $20 million in investments were made in the sector in 2021, the most in any given year. This was a result of Zolvit (formerly VakilSearch), a compliance solutions provider, raising a Series B round worth $10 million.
Legal tech solutions have disrupted existing processes and their funding rounds have been limited to early stages (angel, pre-seed and seed stage). The last three years have seen some growth-stage funding (Series A and Series B) come in as the sector gains momentum.
[ad_2]
Source link
