Vakilsearch, a technological platform that assists small businesses and people with their legal, tax, and compliance concerns, has received a $10 million investment from Incorp India, a corporate solutions provider. The funds will be utilised to accelerate Vakilsearch's technology and product development, as well as marketing, sales, and talent acquisition. Kalaari Capital, the startup's existing investor, is also exiting through the transaction.

In 2020, Vakilsearch received a $2 million investment from Kalaari Capital and was backed by Udaan Co-founder Sujeet Kumar. The firm provides compliance technology solutions to businesses, including incorporation, government registrations, corporate and tax filings, trademark filings, accounting, payroll, and other business support services.

Since the start of the pandemic, the company claims to have served 80,000 small businesses, among other clients, including over 30,000 businesses, 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," VakilSearch stated in an official statement.

"The alliance with InCorp India presents us with an attractive opportunity and the power to implement our growth strategies. InCorp India, like Vakilsearch, prioritises 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," says Hrishikesh Datar, Founder, Vakilsearch.

Manish Modi, CEO, InCorp India, said 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," he added.