New Delhi, April 5: Legitquest, India’s one of its kind AI-enabled legal research platform, has raised pre-series A funding of Rs 5 crores from India’s leading pure play internet company Info Edge (India) and leading early stage venture capital fund WaterBridge Ventures.
Founded in 2017 by advocate Karan Kalia, IITian Rohit Shukla and Phd in finance Himanshu Puri, Legitquest is a deep tech data service provider for B2B and Enterprise solutions in the legal and regulatory space.
Legitquest has already built a state of the art legal research tool and is now leveraging Artificial Intelligence and Machine Learning to build analytics products never seen or built before in the legal field. The analytics products include – crafting the winning arguments, predicting outcomes of cases, best performing lawyers, trademark threat infringement assessment. Legitquest plans to come out with this unique analytics solution and with it increase the Average Revenue Per User (ARPU) straight by 10 times.
Commenting on the development, Kitty Agarwal, Partner at Info Edge Ventures, said, “Legitquest is well positioned to help the legal industry become more effective through its legal analytics and intelligence products. The team has a rare combination of legal and tech expertise to solve for unique pain points of the legal community and we are very excited to continue backing the team.”
Legitquest will use the funds to expand its team and develop the capabilities of its unique existing feature iDRAF (Issue, Decision, Reasoning, Arguments, Facts of judgements), currently the only 1-click judgement insight system in the world which is powered by Artificial Intelligence. The product is gaining impressive traction as more and more lawyers and law firms are turning to the use of technology to gain an extra edge over their competitors.
Legitquest plans to use the funds to expand to 5 states — Maharashtra, West Bengal, Karnataka, Gujarat and Tamil Nadu.
The Monthly Average Users (MAU) of legitquest.com at present is half million and the company is eying 3 million MAU by the end of FY 21-22. The company is planning to increase its employee base by 100% in the next 6 months.
Legitquest already has more than 550 institutional/B2B clients. In a short span of time it has achieved average y-o-y gross revenue growth of 250% and plans to triple the amount in the next financial year.
Ashish Jain, Partner at WaterBridge Ventures said, “Legitquest is a trailblazer provider of business intelligence, predictive analytics and benchmarking in fields of legal, law enforcement and governance. It has built a huge data library, cataloged the data into meaningful arrays and is extracting actionable intelligence. Examples include enabling enterprises to identify the lawyer most suitable to represent them; enhancing probability to win a case by helping draft winning arguments in high stake cases.”
Jain further said, “Its building capability for an enterprise to conduct employee/ borrower/ counterparty diligence and identify any past or existing legal wrangles and identify risk and deal accordingly. An impressive enterprise sales funnel is getting built at Legitquest and we are confident that a substantial business can be built here.”
Karan Kalia, Co-Founder & CEO – Legitquest, said, “Covid has acted as a catalyst for the use of technology with legal stakeholders. This follow up round by Info Edge and WaterBridge will be used for scaling up the analytical product wherein decisions can be made based on the analyses of database.
“Since last year we have grown 250% y-o-y. I am excited to welcome Info Edge and WaterBridge Ventures on this journey of transforming the legal profession. They bring a lot of value and experience in running and scaling up businesses driven by technology.”
Earlier in October 2019, Legitquest had raised seed funding of INR 3 crores from Info Edge (India) and WaterBridge Ventures.
Legitquest was incorporated in 2017 and had renowned jurist Ram Jethmalani as its patron and advisor.