New Delhi, Feb. 13 -- Contract lifecycle management firm SpotDraft, which is backed by marquee investors such as Wipro founder-chairman Azim Premji's PremjiInvest and global investment firm Prosus Ventures, has raised $54 million in its Series B funding.
The round was led by Singapore-based Vertex Ventures' growth fund and American firm Trident Partners. Existing investors Xeed VC, Arkam Ventures, Prosus Ventures, and PremjiInvest.
Avendus Capital acted as the exclusive financial advisor to Spotdraft on this transaction
The development comes nearly two years after SpotDraft raised $26 million in March 2023 in a Series A round led by PremjiInvest.
"We believe 2025 will be an inflection point for team SpotDraft," said Shashank Bijapur, chief executive SpotDraft. "Apart from market expansion and talent growth, we're strongly committed to deepening the use of AI in the product to help legal teams unlock efficiencies and drive innovation."
Bijapur, an alumnus of Harvard Law School, co-founded the company in 2017 along with Madhav Bhagat, an alumnus of Carnegie Mellon. Bijapur previously practiced law in New York and Bhagat worked with Google. Rohith Salim joined as the company's third co-founder later.
SpotDraft offers an AI-driven contract lifecycle management platform for in-house legal teams. The tool helps in redlining, e-signatures, intelligent contract repository, third-party papers, and clickwrap agreements.
The firm has offices in New York, where it is headquartered, and in Bengaluru, and has a team of about 250 people.
Previously, in 2019, the company had raised $1.5 million in its pre-Series A funding round led by 021 Capital. In 2017, it bagged $550,000 in its seed funding round led by VC firm Hunch Ventures and also saw participation from Spiral Ventures, 500 Startups, Singapore Angel Network and Citrus Payments founder Satyen Kothari.
Published by HT Digital Content Services with permission from VC Circle.