For any business, drafting contracts is the most painstaking job. Such services that exists in India are either highly expensive and time intensive or do not address the issue of managing the legal paperwork from the time of drafting till its operation. Even today, a large part of contract management happens in the form of an excel sheet or calendar reminders. The contracts are still scattered in people’s inboxes, and this is where Gurugram based SpotDraft, a legal technology start-up, aims to create its niche by offering a solution which reduces the legal costs and gives businesses a good solid template through which they can draft and negotiate a contract all by themselves and in one place.
The start-up has introduced a solution which can reduce the burden of managing paperwork. Powered by artificial intelligence and its underlying machine learning algorithms, it has millions of contracts from different jurisdictions and across multiple sectors. Currently, this start-up caters to the needs of the freelance market and small and medium sized enterprises form the primary client base. Moving forward, the systems will be optimised so that SpotDraft can be used by larger enterprises for their contract management services. SpotDraft has helped its users successfully execute over 6,500 contracts, reaching a GMV of $750,000. It plans to launch its paid service—Inbox— soon. “Inbox service is being beta-tested by a select few customers but once it is launched it can be used by all kinds of enterprises. A large number of people and enterprises have shown interest in the upcoming Inbox services and we are already testing this service with limited number of users, explained Shashank Bijapur, co-founder, SpotDraft.Read more ↓
Currently, the start-up offers free services for creating contracts and leverages the freemium business model, with charges based on the frequency of usage. “For small businesses the pricing is Rs 799 per user per month and reaches up to Rs 1499 for larger businesses. While the current services, i.e., creating and executing contracts are free of cost, soon it will move to software as a service(SaaS) model through its Inbox service and follow a subscription revenue model,” Bijapur added. The solution has three basic elements: (a) Contract Creation – Drafting a contract from a template; (b) Contract Analysis – Analysing the contents of the contract to help simplify it and understand the good, bad and ugly; and (c) Contract
Management—Understanding the business aspects of a legal document and putting it into action.
The in-built AI system creates a smart inbox of all the contracts and notifies the user on important actions such as regulatory filings, upcoming deadlines, etc. SpotDraft has raised Rs 3.5 crore in its seed funding round from domestic and international investors in 2017.
Source by:- financialexpressShare: