Founded in 2011,
VakilSearch is India’s leading online legal services provider for businesses and individuals. It is reaching out to thousands of businesses, entrepreneurs on a regular basis. So, you can be assured of quality legal guidance and comprehensive documentation for your business and personal needs, at affordable prices.
In an exclusive interaction with BWDisrupt Team, Hrishikesh Datar, Founder, VakilSearch, shares his entrepreneurial journey and details about his venture.
Startup journey since inception We started with the singular vision of making the legal process simple and easy for the common man and businesses. We started off by targeting the main pain areas of a small business owner - setting up a business, trademarking a brand name, logo or slogan and drafting basic documents and contracts. We gradually evolved our service portfolio to include accounting, taxation, tax filing and even payroll services. We have recently begun offering accounting and corporate compliance support as well.
About startup Vakilsearch is an automated online-platform that offers one of the widest range of legal services, such as company incorporation, trademark and patent registrations, through in-house and marketplace experts. Our hassle free and customer centric approach to address the legal requirements at best value, has made us one of the most sought after online legal services provider in the country.
To current date, Vakilsearch has serviced more than 140,000 clients including some household names which include Amazon.in, Snapdeal.com, TaxiForSure, BigBasket, Grofers, the CII, Sulekha.com and thousands of others. Vakilsearch is today responsible for almost 3% of Indian business registrations, with an average of 400 companies and 900 trademarks each month.
Unique key feature/services We help with setting up your business, getting a Trademark, Copyright or Patent, preparing their legal documentation, advice and support with tax registration. We have recently begun offering accounting, Payroll process assistance and corporate compliance support as well.
Differentiation factorsThe single biggest differentiator is our focus on getting the work done online. We leverage technology to make it easier for the customer to get services. And the cost reductions which technology affords, we pass those on directly to the customer as well.
Funding status We received funding from Kalaari Capital and other participating investors in two fund raising rounds [2015 and 2016]. We also were among the few businesses to graduate from the Microsoft Ventures High Potential Accelerator exclusively for Series A funded businesses.
Monetization model Since we offer services, we charge customers for those services – Our prices are always among the most affordable for the service, anywhere in India.
Traction details We have stabilized in the last quarter to around Rs. 120 lakhs a month in revenue. Given the size of the market and the potential to grow, we aim to be between 3 and 5 times our current size in 12 months.
Future plans Vakilsearch.com is the future of the profession. We envision a time in the next 5 years where practically all-professional work can happen using a technology platform. In the future, we believe that dispute resolution will be powered by technology and the Internet as well.
Marketing plans We started off by targeting the main pain areas of a small business owner - setting up a business, trademarking a brand name, logo or slogan and drafting basic documents and contracts. We gradually evolved our service portfolio to include accounting, taxation, tax filing and even payroll services. Today, our platform handles the entire gamut of legal services for a small business owner - end to end.
Challenges faced The challenge is one of mindset – people are too used to meeting a lawyer or chartered accountant face. Once we convinced people that online is more effective, as reliable and much more efficient, things started to change.
Market size & opportunity The entire professional services market has been pegged at around $30-40 billion, or around 1.5 – 2% of our GDP. In rupees, that is a market of around Rs.2,40,000 crores. Our target audience is mostly urban and in semi-urban centers since internet connectivity is a must to access our services.
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Soumya is a young writer and journalist, with bachelors in Multimedia and Mass Communication. She is an alumini of the Asian College of Journalism, and finds politics and sustainability intriguing beats to work with.
