IIFL Group’s early-stage investment vehicle IIFL Fintech Fund has doubled down its commitment to the legal technology platform Leegality with a second round of infusion of $5 million. With this, the IIFL Fintech Fund owns 15 per cent in the legal startup, IIFL said.
Leegality enables businesses to digitally transform their document logistics and is used by over 1,500 businesses, including group entities from eight of the top 10 domestic banking groups, the companies said in a joint statement on Wednesday.
Shivam Singla, founder of Leegality, said, more than 60 crore digital paperwork transactions are needed annually to completely eliminate physical paperwork in the country. Leegality is addressing this gap digitally.