Incorp India today announced its investment of $10mn in Vakilsearch, a technology platform offering cradle to nirvana support for small businesses and individuals with their legal, tax and compliance needs today. The transaction with InCorp India envisages a primary infusion accelerating tech and product development and sprucing up the marketing, sales and talent acquisition at Vakilsearch. Further, Kalaari Capital is also exiting its investment through the transaction.
Vakilsearch is one of India’s leading compliance tech solutions’ providers and offers services including incorporation, government registrations, corporate and tax filings, trademark filings, accounting, payroll and other support services to businesses.
During its journey, Vakilsearch has catered to over 80,000 small businesses among other clients, including over 30,000 businesses since the start of the pandemic alone, enabling over 10,000 new incorporations and over 8,000 trademark filings. As a part of its growth, with its revamped tech platform to be launched by December 2021, the company is now pivoting from a transaction-based service provider to a client based advisory platform. The company shall offer multiple compliance and advisory solutions to its clients using AI, improving efficiency in operations and enhancing customer experience.
Earlier in 2015, private equity firm Kalaari Capital had invested approx. US$ 2 mn in Vakilsearch. It had also raised an undisclosed sum from Udaan Co-founder Sujeet Kumar in 2020.
“The alliance with InCorp India presents us with an attractive opportunity and the power to implement our growth strategies. InCorp India, like Vakilsearch, prioritizes quality and integrity through innovation. Our clients can expect a disruptively brilliant experience in the years ahead, where we leverage InCorp India’s deep domain knowledge and combine it with Vakilsearch’s cutting edge technology solutions and platform.” said Hrishikesh Datar, Founder, Vakilsearch.
Manish Modi, CEO, InCorp India, said in a statement that the investment would expand its business in India and complement the business activity of InCorp Global. “With this investment, we will leverage the strengths of Vakilsearch and accelerate our Artificial Intelligence (AI) and Machine Learning (ML) initiatives. Vakilsearch will increase the depth of its service offerings by augmenting the technical capabilities and global best practices of InCorp India. Reciprocally, InCorp India will add speed and efficiency to serve its clients technologically across locations. With compliance and the reg-tech space being ripe for disruption, the knowledge cum technology-intensive partnership between Incorp India and Vakilsearch is not only unique but also pathbreaking in many ways.”
Inderpreet Chadha – Head, M&A InCorp India said, “While InCorp continues to extend its capabilities to service more businesses digitally, the Vakilsearch partnership will become the fulcrum of how we see this space. Data led insights and analytics are the core of our philosophy, and the platform built by Vakilsearch provides us with the building blocks to create a Compliance Tech platform of the future. Going forward, we will continue to look at partnerships with traditional consulting companies, and we will continue to look at bolt-on acquisitions to accelerate the compliance tech platform.”