The Delhi-based startup, LegalRaasta, which provides finance & taxation services to SMEs raises approx. $ 5million in Series A funding from Impanix Capital.
GST compliance software for SMEs, CAs & enterprises. They are offering both a standalone GST software and an API interface to connect ERP (search as SAP, Oracle & Tally) with GST systems. LegalRaasta has already applied as GSP (GST Suvidha Provider) with government,
LegalRaasta intends to serve its existing SME clients & over 80 lakh + potential. Through its GST software solution, LegalRaasta intends to simplify GST filing through features such as reconciliation, excel upload, app-based GST filing, etc. LegalRaasta already offers ITR Software and TDSsoftware. And aims to provide a complete taxation offering with GST.
LegalRaasta was started by a former McKinsey consultant – Himanshu Jain & his brother, Pulkit Jain who is a CA cum CS. „LegalRaasta already offers registration and return filing services to SMEs, & GST compliance comes as a logical business extension,“ Said Himanshu Jain.
As GST is expected to be implemented from July’17, LegalRaastaHas started its business with the company. The startup also got a senior VAT official – Mr. RK Jain as an advisor on board.
„Our goal is to invest our money in building our technology and operational team. We want to scale-up the team to 300 people over next 6 months „said Pulkit Jain.
The company has already set up a 24×7 free helpline service where SMEs can get in touch with experts and resolve queries related to GST registration and GST return.
LegalRaasta was started in 2015 as an online platform for business registrations & compliances. Founded with the intention of the company, the company has been serving more than 80,000+ SMEs till date. Their services include ITR filing, TDS filing, Company registration & Trademark registration among others.
„GST is a big opportunity & wants to get a lot of organized tax players emerge. A 5-10% market share translates into billion dollars in revenue. „Archit Bhargava, a Venture partner at Impanix Capital.
The legal and compliance service market in India has been estimated at the INR 40,000 crore, & this market is growing at a staggering 25% per annum. In addition, GST compliance is expected to be a 17,000 Cr market. At present, at the end of the year, the market is set to grow exponentially.