Gurugram-based startup SpotDraft offers AI-powered tools that helps to lower the burden managing end number of paperwork that helps businesses go free from the hassles of drafting and signing contracts. The system uses machine learning (ML) and AI to also send automated reminders and receiving payments. This contract automation platform provides users with lawyer-based templates and businesses can fill the requirements in under a minute. The platform then automatically creates GST compliant invoices, and can also send payment reminders, and tracks the payments that have become due.
Handling all the aspects of end-to-end contract life-cycle management driven by its Artificial Intelligence (AI), SpotDraft was founded earlier last year, with the thought to create efficiency in the otherwise time-consuming and mundane process of legal documentation, using technology; 'SpotDraft is the brainchild of Harvard Lawyer Shashank Bijapur and Ex Googler Madhav Bhagat.
SpotDraft has announced that it closed its Seed round where it has successfully raised Rs 3.5 crores from both domestic and international investors in 2017. The platform plans to use this capital raised to be able to scale and market the product locally.
Shashank Bijapur is the Founder & CEO and is a graduate of Harvard Law School who started his career as a transactional lawyer in Mumbai and later moved to New York. Frustrated over the efforts spent on mundane and clerical tasks, he was motivated by his want to make it on his own, Shashank quit his job in New York to move back to India to learn how businesses are run here and started working at RupeePower, a leading retail-lending platform, as the head of customer experience and innovation. With the time spent in RupeePower. He used the opportunity to hone his business skills but also get a pulse of the needs and wants of the market. So, at the right time Shashank moved out to automate the most important but also the most mundane tasks undertaken by all corporations – contracting. He founded SpotDraft along with Madhav Bhagat in early 2017 and there has been no looking back ever since.
Madhav Bhagat is the Co-Founder & CTO and a graduate of Carnegie Mellon. He was a senior software developer at Google in New York before he decided to move back to India to start his own business. At Google, he was involved in various data analytics and machine learning programs. He also went on to lead the tech team responsible for the Google Classroom project and played a key role in its success.Before joining Shashank on the SpotDraft team, Madhav started a couple of other ventures which have gone on to do quite well, like Coderbhai. He, like Shashank, strongly believes in reducing redundancy with the help of technology wherever possible.
SpotDraft also topped 3rd at 'Tech In Asia Arena Pitch Battle' in November 2017 and in January 2018 they bagged the People's Choice Award at 'The Wharton India Economic Forum - Startup Challenge'.
Till so far, the platform has managed more than 3500 contracts. It is eyeing the $80 Billion Global Contract Automation market....