Contract execution SaaS (software as a service) platform Doqfy has raised Rs 7.5 crore in a Pre Series A round. The round was led by Turbostart and Pentathlon VC. Other investors like Lead Angels, SilverNeedle VC, LetsVenture and Angel.co led by Archana Priyadarshini also participated in the round.
The funds raised are to 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, Doqfy.
Started in 2019 by Aditya Pandranki, Manjula Rao, Vilaas BV, Doqfy was launched with the aim to solve a mandatory compliance requirement for businesses in India. As the company worked towards PMF, the platform focused on tech for contract execution with eStamping and eSignatures.
Over the last year, as the platform underwent significant tech enhancements, achieving a PMF and right price points, these changes have made Doqfy extremely relevant for the SMBs who have contracting requirements like creating contracts, negotiations, execution with e-stamping and e-signatures and milestone management, said the company.
“We first came across Doqfy’s application for the first cohort of Turbostart in 2019. Given our background, we were acutely aware of the excessive amount of time, money and resources expended on legal compliance. Doqfy’s proposition stood out immediately amongst the other applicants. At Turbostart, our mission is to be enablers first and financiers next. Two years on, it has been extremely fulfilling to work closely with their team and witness the impact we’ve had on Doqfy’s journey,” observed Ganesh Raju, founder of Turbostart.
Doqfy claimed that it has been profitable for the last 12 months clocking an annual rate of return (ARR) of Rs 6 crore. 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.
"Contract execution space is set to grow to a 10 billion market in India and close to 70 billion worldwide. Doqfy aligns with our fund's core philosophy of backing passionate entrepreneurs who build disruptive digital solutions for India & global markets," added Hemant Joshi, managing partner at Pentathlon Ventures.