LegalWiz Success Story - How is it Making Legalities Easier for Startups?
📄Company ProfilesLegalWiz provides a simple, affordable and transparent way for online pvt ltd company registration, registration, Accounting & Bookkeeping and others. Also read about the business and revenue model, marketing, hiring strategy, competitors from shrijay sheth.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by LegalWiz.
One of the biggest challenges an entrepreneur faces while starting a startup is in the legal aspect of things. From company registration to trademark and copyright registration, from tax filling to accounting, there is lot to take care of. For a startup, it's overwhelming to manage all by itself. As such, outsourcing these tasks to a reliable organization is very important.
LegalWiz, a startup based in Ahmedabad is here to manage all the legal and accounting tasks of startups with simplicity and transparency.
Startuptalky interviewed, the Co-Founder of LegalWiz, Shrijay Sheth to share his experience, information and learning from LegalWiz.
LegalWiz - Company Highlights
| Startup Name | LegalWiz |
|---|---|
| Headquarter | Ahmedabad, Gujarat, India |
| Founders | Shrijay Sheth & Namann Pipara |
| Sector | LegalTech |
| Founded | April 2016 |
| Funding | $483.95K (Rs 3.8 crore) |
| Revenue | $113K as on Dec 31, 2018 |
LegalWiz - About and Services Offered
LegalWiz - Founders and Team
LegalWiz - Idea and Starting Up
LegalWiz - Mission and Vision
LegalWiz - Name and Logo
LegalWiz - Business Model and Revenue Model
LegalWiz - Funding and Investors
LegalWiz - Growth and Revenue
LegalWiz - Customer Acquisition
LegalWiz - Challenges
LegalWiz - Competitors
LegalWiz - Future Plans
LegalWiz - Founder's Advice
LegalWiz - About and Services Offered
LegalWiz, a startup based in Ahmedabad is here to manage all the legal and accounting tasks of startups with simplicity and transparency.
LegalWiz provides a simple, affordable, and transparent way of procuring business professional services. It adds value by saving time and resources for entrepreneurs, which they can then use in their core business.
The services of LegalWiz include Pvt. Ltd. company registration, trademark registration, proprietorship registration, Limited Liability Partnership registration, GST returns filling, and other types of business registration, Intellectual Property Registrations, Accounting & Bookkeeping, Custom Legal Document Drafting, and more. LegalWiz covers many services that are generally offered by a CA, CS, Lawyer, or other business professionals in India. In other words, we are a Legal Tech company that helps Startups & SMEs with business professional services, taxation, and legal compliance.
LegalWiz doesn’t charge any hidden costs.
For a Private Limited Company’s registration, it charges Rs 7,999. For a sole proprietorship registration, LegalWiz charges around Rs 2,998, which includes everything. There are various other packages too, the charges of which are mentioned below:
LegalWiz Technology Used
Some of the technologies that LegalWiz leverage are LifeRay, PowerBI, MySQL, Google Analytics, Angular, SnowFlake, Python, R etc. Besides these, LegalWiz is highly active across social media and in the startup ecosystem. Its blogs are highly informative and a credible source of information to customers & non-customers alike. LegalWiz leverages organic PR & Communications as well. In-house training to upgrade the responses of the company to its customers is a vital component in LegalWiz's arsenal. Its "Stand-Up" meetings are a daily feature, so everyone involved gets a birds-eye view of the ongoing activities.
LegalWiz - Founders and Team
Shrijay Seth and Namann Pipara are the founders of LegalWiz.
Shrijay Seth
Shrijay Seth is an eCommerce industry veteran and an entrepreneur with 10+ years of experience in working with businesses across the globe, mostly technology-driven. His educational background lies in commerce and business. Shrijay has completed my Bachelors in Commerce and PGD in Financial Analysis from Gujarat University. Later, he did an MBA in Corporate Finance from San Diego State University, California. He founded LegalWiz with Namann Pipara in 2016.
Prior to that, Seth has been a consultant to some of the highly disruptive eCommerce ventures like Qualcomm, Bouqs (a SharkTank featured company), and LegalZoom (a world leader in Legal eCommerce). Seth also founded Hire4Higher Consulting, just before LegalWiz, and is presently serving as a Founder in that company too.
He is a true believer of the people-first philosophy and largely credit his development to the travel opportunities that he has got, both, in a professional and personal capacity. Shrijay loves to travel - major attractions being meeting new people and experiencing a variety of food. Moreover, he loves to eat and cook also! Being brought up in a joint family, values of sharing and caring are important to Seth. In his spare time, he loves to watch TV with family while his spare time alone is mostly spent watching videos (productive or random) on YouTube. Shrijay is also a big fan of the Wikipedia model and believes in perfection through iteration.
Namann Pipara
Namann Pipara is another Co-founder of LegalWiz. He had graduated with a BCom. degree from H.L.I.C and topped it off with a Chartered Accountancy degree. Pipara founded LegalWiz with Shrijay in April 2016 and is still serving as a Co-founder of the same company. Pipara is also a partner at Pipara & Company.
Shrijay met Namann at a business professional networking event. Namann (and his family) represented a scaled-up conventional CA firm then. Namann has been referred by Shrijay as a Chartered Accountant and an expert at company laws, income tax, and other relevant subject matters. With Shrijay's background in Legal eCommerce and the knowledge base that Namann had, they knew that they had found a good duo for creating a comprehensive solution. This resulted in LegalWiz.
Currently, LegalWiz has 30+ employees, including in-house professionals such as CAs, company secretaries, lawyers, web developers, and designers. It also has 50-plus affiliates.
LegalWiz Hiring Strategy
It really depends on the role that the company is hiring for. Some need the candidate to hit the grounds running. LegalWiz really looks for background and expertise. However, many positions that the company now builds are more to create a team that is worthy of this ride and specific seats can be picked later. The company knows that it is going to grow as fast as the slowest person on the team, so it really needs people to join with high growth expectations and who are willing to set higher standards for the existing team. Integrity, willingness to learn and grow, and being super fun is important for the hiring of LegalWiz.
LegalWiz Work Culture
I was once told by someone (that I consider to be a great leader and inspirational personality) that talent needs a transition, said LegalWiz founder Shrijay Seth.
Either it transitions up or transitions out. I promise myself every day that when I enter the office daily, I come not as a boss but as someone who will eventually be accountable for the growth of everyone's career who are associated with LegalWiz. The culture here is to learn, deliver, and grow. We are ok making mistakes as long as we have the willingness to correct them. Empowerment and accountability are two things you can expect at the least being part of LegalWiz team, added Seth.
Currently, LegalWiz has a team of 25+ professionals including chartered accountants, company secretaries, lawyers, as well as software & digital experts.
The company's main focus is on training and development. The LegalWiz team is aggressively focusing on training and development to achieve its set growth target.
LegalWiz - Idea and Starting Up
Shrijay Seth worked with a similar business model (LegalZoom) in the US that was highly scaled and profitable. He knew India also needed something similar, but for different reasons. The founder duo thought transparency, accountability, and simplicity were three major improvements that they could offer to the status quo of the business professional services industry in India. As they scaled to be a one-stop solution for multiple services, they know that cost efficiencies are surely coming as a by-product and can be directly passed on to the customers. Co-founder, Namann Pipara, is a partner at a conventional CA firm. "When we met, we knew that together we could create a disruptive value proposition", said Shrijay Seth.
LegalWiz - Mission and Vision
LegalWiz's mission is "to become the most “Trusted” brand in professional services industry".
The vision of LegalWiz is: "Creating the much-needed access for Startups and MSMEs to avail high-quality services at affordable pricing and with the highest level of transparency in trade".
LegalWiz - Name & Logo
As mentioned by Shrijay Seth, the "Legal" in the company name, signifies business professional services whereas the "Wiz" denotes the excellence of the company at what they do while also reinforcing the online medium that it leverages.
The logo is abstract - designed by Kathan Kothari, a famous NID designer with many accolades to his credit. In keeping with the company's credo of "Simple", it shows a filing system - a conventional way of representing the business (Filings) while it also is a Bar graph, denoting growth.
LegalWiz - Business Model and Revenue Model
The business credo of LegalWiz is "Simple-Affordable-Transparent". The company focuses on delivering best-in-class services to its clients. Hence, a huge chunk of the LegalWiz business is from repeat customers. It resolves the customer requirements, keeping them at the center of their operations. This has helped the company win accolades and growth at a sizzling pace.
The revenue model of the company is simple, it charges for the services that it provides. Also, the services that LegalWiz offers are very transparent. "What you see on the site is what you pay and get", is what Seth has added while referring to its services. There are no surprises and all of its services are backed by a 100% satisfaction or money-back guarantee.
LegalWiz has an opportunity to interact with startups at a very early stage, as early as the very initial stages of the business when the entrepreneur is thinking to start his/her business. The company aims to grow with a larger vision, where it can provide various self-fulfilled and closely curated affiliate services to stay its growth partner in the future.
Ashwini
LegalWiz - Growth and Revenue
LegalWiz has seen a good expansion. Till now, LegalWiz has served over 6000 startups and MSMEs. It has over 5,000 paying clients across India. Its clients include startups like eChai and CricHeros. Its larger clients include TOI, Flipkart, Bank of Baroda, Instamojo, CNBC, Tech Story, RazorPay, YourStory, and more.
LegalWiz Achievements
- 650 paying customers within the first 9 months of operation
- 60% growth in customer retention in 2018
- 20% consistent growth every quarter in 2018
- A referral score of 9.6/10
- It is offering services to more than 6000 startups and small businesses
LegalWiz's revenue was last recorded at $113K on Dec 31, 2018.
LegalWiz - Funding and Investors
On January 5th, 2021, Legalwiz.in raised funding worth Rs 3.8 crore from ContCentric IT Services Private Limited. ContCentric, an Ahmedabad-based enterprise content management company, is leveraging portal and ECM solutions for addressing the needs of clients globally.
This investment will help LegalWiz to optimise its performance and create new avenues for delivering greater value.
ContCentric will be the investor and technical development partner in this relationship. Our proven expertise in automating business operations will help boost efficiencies, improve customer onboarding, and the customer experience for Legalwiz.in. ContCentric aims to increase our offerings and include financial investment and mentoring, homegrown product, and technical partnership along with our current ECM and portal development services. The resulting synergies will help us demonstrate our capabilities and also further build our reputation as an investor." Says, Gaurav Barot (CEO, ContCentric)
| Date | Name of the Transaction | Amount Raised | Lead Investors |
|---|---|---|---|
| January 5, 2021 | Corporate Round | $483.95K | ContCentric IT Services |
Vidhi Punamiya
LegalWiz - Customer Acquisition
Though LegalWiz has a great quality of service, communicating the value to the audience is important. It functions as a true eCommerce company in that sense and leveraged multiple channels of marketing since day one. The initial set of customers came in with some paid marketing and PR, along with great support from friends and family. Later, referral and repeat buyers became a significant chunk whom the company serves on an ongoing basis.
LegalWiz - Challenges
There were several challenges, some we nailed and some we took as learning for next time. A major challenge in the early days was to create a culture within the company that is accepted both by business professionals (CA/CS/Lawyers) and tech people. They practically come in with a very different work life expectations and needs to be catered differently as well - while making sure it all rhymes well to achieve a common vision. It required a good amount of mentor-ship from the management and a great deal of understanding from all employees to get us where we are today, proudly so! - Shrijay Sheth
LegalWiz - Competitors
There are many service providers like LegalWiz in the market, most of which started during 2019-2020. However, the market for business professional services in India is huge, worth multi-billion dollars, and is annually growing. LegalWiz sees VakilSearch, LegalRaasta, and MyOnlineCA, as fellow service providers - and is charged with positivity whenever it crosses their growth stories. LegalWiz sees them more like a market validation and contributor to the growing industry of legaltech than just competitors. Nonetheless, LegalWiz thrives to become a leader here, and its major focus is always on the service quality.
Ashwini
LegalWiz - Future Plans
"We want to be the most customer-centric business professional services company in India", said Shrijay Seth. Apart from that, there are plans to serve as a SaaS company, thereby extending some Saas products as new products for its customers that will help them manage their taxation, compliances, and other business-related processes. LegalWiz strives to make every business follow the law and simplify their legal journey.
The company aims to grow further, and to achieve this growth, the company is working on providing a smoother customer experience.
LegalWiz - Founder's Advice
"Don't be judgmental. People are never wrong, they are mostly different. Work incredibly hard and stay true to your dreams. It may be very difficult, but you will find people who can help - thus, networking & tapping the ecosystem is vital."
Shubham Kumar
FAQs
What is LegalWiz?
LegalWiz is a legaltech company that is headquartered in Ahmedabad, Gujarat, India, and aims to provide quality, professional legal services, for startups, small businesses, entrepreneurs, and individuals.
Who are the founders of LegalWiz?
LegalWiz has been founded by Shrijay Seth and Namann Pipara.
Where is the headquarters of LegalWiz?
LegalWiz is headquartered in Ahmedabad, Gujarat, India.
How much funding did LegalWiz raise to date?
LegalWiz has raised $483.95K in its latest round dated January 5, 2021, which is the maiden round for the company.
How are the LegalWiz reviews?
Going by the LegalWiz reviews we can see that the company has been rated 4.6 out of 5 in terms of Google reviews.
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