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SpotDraft Secures $54M in Series B Funding to Transform Contract Management with AI



SpotDraft, a leading Software-as-a-Service (SaaS) firm specializing in contract management and legal agreements, has raised $54 million in its Series B funding round. The investment, led by Vertex Growth and Trident Partners, marks a significant step in the company’s mission to revolutionize legal tech through AI-driven innovation.

Driving AI-Powered Legal Transformation

With this latest funding, SpotDraft is doubling down on product enhancement and expanding its artificial intelligence capabilities. “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,” said Shashank Bijapur, cofounder and CEO of SpotDraft.

The investment round saw participation from existing investors, including Flipkart cofounder Binny Bansal’s Xeed VC, Arkam Ventures, Prosus Ventures, and Premji Invest, further strengthening the company’s financial backing.

Cutting-Edge Solutions for Legal Teams

Founded in 2017 by Shashank Bijapur, Madhav Bhagat, and Rohith Salim, SpotDraft provides an AI-powered contract automation platform tailored to in-house legal teams. Its offerings include AI-assisted redlining, e-signatures, intelligent contract repositories, third-party agreement management, and clickwrap agreements.

Products like VerifAI and ClickThrough cater primarily to mid-market companies, streamlining contract workflows and increasing operational efficiency. With a workforce of over 250 employees across Bengaluru and New York, SpotDraft serves more than 400 organizations and cross-functional teams worldwide.

Market Growth and Financial Trajectory

According to data intelligence platform Tracxn, SpotDraft more than doubled its revenue in FY24 to Rs 47.1 crore while maintaining losses at Rs 67.4 crore. This funding comes at a time of rapid growth in the contract management software sector, as businesses increasingly seek to enhance compliance and efficiency.

James Lee, managing partner at Vertex Growth, highlighted SpotDraft’s strategic approach: “SpotDraft’s product vision and go-to-market strategy is anchored on a deep understanding of enterprise legal teams’ pain points and the unwavering commitment to delivering a world-class solution for faster and more accurate contract processes.”

Looking Ahead

With plans to expand its leadership team and further refine its AI-driven offerings, SpotDraft is well-positioned to lead the charge in modernizing contract management. This investment is not just about financial growth but about shaping the future of legal operations with cutting-edge technology.

As businesses increasingly turn to AI-powered solutions for efficiency and accuracy, SpotDraft’s latest funding round places it at the forefront of this evolving landscape.

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