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InCorp India invests $10mn in Indian Compliance Tech Platform Vakilsearch

InCorp India invests $10mn in Indian Compliance Tech Platform Vakilsearch

Mumbai, 27th October 2021: InCorp India 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 operations efficiency and enhancing customer experience.

Earlier in 2015, private equity firm Kalaari Capital had invested approx. US$2mn in Vakilsearch. It had also raised an undisclosed sum from Udaan Co-founder Sujeet Kumar in 2020.

We are excited and looking forward to the journey that both Vakilsearch and InCorp India have embarked upon. This partnership is a significant step forward in InCorp’s growth strategy. InCorp Group can leverage the technology platform, digital roadmap and service delivery capabilities of Vakilsearch for some of our other Asian Markets. Similarly, InCorp Group will help VS adopt global best practices and help its clients to access our global network. With this partnership, we look forward to accelerating our efforts to be a leader in delivering technology led compliance solutions to our 12000 + clients.

– Atin Bhutani, Group CEO, 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.

Manish Modi, CEO, InCorp India

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.

– Hrishikesh Datar, Founder, Vakil Search

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.

Inderpreet Chadha, Head, M&A, InCorp India

About InCorp Advisory:

InCorp India is the Indian arm of TA associates backed, Singapore headquartered InCorp Global. InCorp India is a leading integrated corporate solutions provider that has its presence across South-East Asia specialized in providing tech-based incorporation, corporate secretarial & compliance, accounting, taxation, FEMA and investment banking services to its clients while partnering them in their entire business lifecycle.

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