Doqfy Raises Rs 7.5 Crore in Pre-Series A Funding Round for Contract Execution Platform
- ByStartupStory | March 24, 2023
Doqfy, a Software as a Service (SaaS) platform for contract execution, has successfully raised Rs 7.5 crore in a Pre-Series A round led by Turbostart and Pentathlon VC. The round also saw participation from Lead Angels, SilverNeedle VC, LetsVenture, and Angel.co led by Archana Priyadarshini. The funds raised will be utilized for enhancing the platform’s technology and expanding its business by forging strategic partnerships.
Doqfy’s Founder, Aditya Padranki, has stated that compliances are one of the most significant cost heads for companies and become increasingly complex as businesses expand. He further added that Doqfy’s full-stack offering helps companies stay compliant, easing the burden of regulatory compliance and facilitating smooth business operations. Established in 2019 by Aditya Pandranki, Manjula Rao, and Vilaas BV, Doqfy’s initial focus was on addressing mandatory compliance requirements for Indian businesses. As the company progressed towards achieving product-market fit, it shifted its focus towards developing a technology-driven platform for contract execution that includes features like eStamping and eSignatures.
According to Doqfy, the platform has become highly pertinent for SMBs with contracting needs such as contract creation, negotiation, e-stamping and e-signature execution, and milestone management. The company attributes this to the significant technological improvements and achieving a product-market fit, resulting in suitable pricing.
According to Ganesh Raju, founder of Turbostart, which led the recent Pre Series A round, his company first encountered Doqfy during the first cohort of Turbostart in 2019. He added that given their background, they were very familiar with the amount of time, money, and resources that were required for legal compliance. He further noted that Doqfy’s proposition stood out among the other applicants, and as enablers first and financiers next, Turbostart’s mission was to support their growth. Working closely with Doqfy’s team over the past two years has been rewarding, and they have witnessed the impact they’ve had on Doqfy’s journey.
Doqfy reported that it has been profitable for the past year, generating an annual rate of return (ARR) of Rs 6 crore. The company has collaborated with big names like HDFC Bank, Bajaj Finserv, Ujjivan Small Finance Bank, Axis Bank, DBS Bank, Xiaomi, Swiggy, Meesho, Unacademy, JLL and Colliers, and currently employs a team of about 40 people. “The contract execution space in India is expected to grow to a 10 billion market and close to 70 billion worldwide. Doqfy aligns with our fund’s core philosophy of supporting passionate entrepreneurs who create disruptive digital solutions for India & global markets,” remarked Hemant Joshi, managing partner at Pentathlon Ventures.
Follow Startup Story
Related Posts
