Small businesses secure binding agreements with Doqfy's watertight contract drafting service
Doqfy, a Bengaluru-based legal-tech company, is set to expand its team and market reach, aiming to capture a larger share of the growing Indian legal-tech market, valued at around $500 million and projected to reach $1.25 billion by 2030.
Founded in 2019, Doqfy offers an affordable, fully integrated contract lifecycle management (CLM) platform, designed specifically for small and medium businesses (SMBs) in India. The company has already amassed over 1,000 clients across various sectors, including BFSI, manufacturing, edtech, healthcare, and logistics, with some notable names being HDFC Bank, DBS Bank, and Axis Bank.
Doqfy identified a gap in contract management capabilities for smaller businesses, who often struggle with prohibitive costs, intricate legal requirements, and a complex stamp duty framework that varies across Indian States. To address this, the platform allows users to upload a PDF contract, and the system automatically determines the applicable stamp duty for any Indian State, processes it digitally, and sends it for e-signature, eliminating the need for physical documentation.
The company plans to hire 70-100 employees, with a focus on expanding its sales team and tech team. Currently, Doqfy's sales team is 16 members strong, and the tech team consists of 70 members. The platform adheres to ISO 27001, GDPR compliance, and SOC 2 certification, ensuring the highest levels of security. It also employs role-based access control for added security.
Doqfy leverages natural language processing and AI to simplify legal language and automate data extraction, contract validation, and risk assessment. The platform has integrated Aadhaar-based e-signatures, digital signature certificates, and electronic signatures.
Aditya Pandranki, Founder and CEO of Doqfy, notes that CLM platforms globally focus on enterprises and typically cost $70,000-80,000 per year. In contrast, Doqfy's pricing model is a blend of subscription and transaction fees, with SMBs paying ₹2-5 lakh annually and enterprise contracts costing ₹5-15 lakh depending on the scale and integration needs. The per transaction charge is as low as ₹49 for small businesses and ₹140 for larger peers.
Doqfy has raised ₹7.5 crore in a pre Series A round led by Turbostart and Pentathlon VC and aims to raise another round of funds this year for expansion. The company plans to expand into international markets, specifically West Asia and Southeast Asia, and has chosen Germany, Austria, France, Spain, and the United Kingdom as target countries for its international expansion.
Contract management in India is characterized by slow, fragmented, and costly processes involving extensive paperwork and disconnected digital tools. By streamlining these processes and offering an affordable solution, Doqfy is poised to make a significant impact in the Indian legal-tech market and beyond.
