Black Coat Technologies Pvt. Ltd, which operates legal technology startup LegalKart, has raised Rs 4 crore (around $537,638) from Mumbai Angels, a platform for early-stage investments, along with IIM Udaipur Incubation Cente as part of its pre-series A round.
The Gurgaon-based company plans to deploy the fresh capital to develop new tech products with artificial intelligence, machine learning capabilities, to create instant access to legal support while also creating awareness about the platform.
It also plans to add more team members in business operations, marketing and technology.
LegalKart's platform provides instant legal consultation, which includes online document verification, property verification, among other services.
In an interview with VCCircle, LegalKart's founder, Arvind Singhatiya said that this year they are planning to add artificial intelligence-based technology products to specifically improve the document section by adding auto drafting and contract management.
"At present, there is no culture for online documentation or online review. We are trying to create a culture of speaking to a lawyer before taking any legal step, a culture of having the right document in place" said Singhatiya.
"Currently, we get 30% of our calls from users residing outside India. The unique point in our offering is that one can consult a lawyer anytime, from anywhere at an affordable cost," he added.
Singhatiya said that the platform is acquiring customers through spreading awareness on social media and it has also partnered with brands such as Paytm, MyGate, housing.com for displaying their advertisement.
Founded in 2019, the company has served over one lakh consumers and has more than 10,000 lawyers on its platform in around 900 locations including multiple cities, districts and remote locations in India. The platform is growing around 20-30% month-on-month.
In 2019, the startup raised Rs 3.5 crore (about $492,000) in a seed funding round from a clutch of angel investors. In the next 12-18 months, the company plans to raise further capital, it said.