PremjiInvest, Wipro founder-chairman Azim Premji’s private investment entity, has led a USD 26 million (about Rs 206 crore) Series A capital round in Bengaluru and New York-based contract lifecycle management firm SpotDraft.
Prosus Ventures, 021 Capital, Arkam Ventures, Riverwalk Holdings, 100x Entrepreneur Fund, and a slew of angel investors also chipped in.
SpotDraft intends to use the additional capital to grow its personnel and expand its business overseas. It also intends to use the new capital to improve its North American market and expand its product range.
SpotDraft, founded in 2017 by Shashank Bijapur, Madhav Bhagat, and Rohith Salim, assists businesses in automating their contract lifecycle process. Its primary solution is a cloud-based platform that assists organisations in managing contracts and approvals from start to finish.
SpotDraft intends to aggressively invest in its AI engine tailored to legal teams in the next years.