SpotDraft: Fixing the legal woes of Indian businesses – in a snap!
Handling the legal formalities are more of an impediment than an enabler for small and mid-sized businesses in India. The reason, high cost and delay. To save time and cost commitments a majority of businesses in India transact with their partners, vendors and clients without sound, legally-binding contracts, and, as a result, remain vulnerable to fraud and monetary losses.
‘Why must businesses anywhere in the world go through such pain?” mused Shashank Bijapur, a Harvard Law School alumni and Wall Street lawyer.
But Shashank wasn’t the only one thinking along these lines. Madhav Bhagat, an alumnus of Carnegie Mellon and an ex-Googler in New York with expertise in AI applications, too, pondered over the same issue.
As luck would have it, they returned to India around the same time and got together to launch SpotDraft, an AI-driven legal-tech startup that is transforming the corporate legal aid space in India.
“Typically, to get a well-drafted contract, one would require a small business to approach a lawyer or websites that sell contracts. So, for most small businesses, taking legal help for day-to-day operations remain a costly and time-consuming issue,” explains Madhav.
SpotDraft is solving this issue by offering contract and other legal documents in an instant and that too, free of cost!
Additionally, SpotDraft is offering users invoice generation and payment tracking services for free, helping them effectively manage their invoicing and payment collection processes.
“We are going to add two more services to the SpotDraft portfolio. One, an inbox-bound contract management system that would be powered by machine learning and our proprietary AI machine, and the second one, a contract creator system that would allow users to create customized contracts,” reveals Shashank.
SpotDraft has been gaining a lot of traction since its inception, and has already executed 4,000+ contracts on its platform. Recently, SpotDraft finished in the top three in a tough contest at the prestigious TechInAsia event held in Jakarta – becoming the first Indian company to reach the final stages of the TechInAsia event.
The startup received a funding of USD 550,000, a couple of months ago, from investors, Hunch Ventures, Spiral Ventures, 500 Startups, Singapore Angel Network and Satyen Kothari (founder/CEO of Cube, and founder of Citrus Payments).
SpotDraft is currently focused on enriching its offerings to include vertical-specific features along with provisions to update contracts based on the users’ jurisdictions.
“With innovation and a passion to catering to the underserved at the helm, we are banking on machine learning and AI to chart SpotDraft’s journey into the future,” sums up Madhav.
SpotDraft is indeed addressing a gap that has been dogging the business community in India for decades. SpotDraft stands peerless when it comes to empowering MSMEs and one-person startups by offering instant contract drafting, invoice generation and payment tracking solutions for free, at the click of a few buttons. Startups like SpotDraft are not just business enablers, they are also instrumental in driving ambitious government plans such as ‘Make in India’.