IndiaFilings.com which helps businesses and individuals with compliance and regulatory services has raised USD $4.1mn from BeeNext, Udtara and angels. The funding will be utilised to give stellar returns to the family members who had originally invested to grow the company into a successful, profitable venture with over 500 employees and 1 lakh paid customers.
Founded in 2014 by Lionel Charles, IndiaFilings provides over 200 services for small businesses that help small businesses stay compliant and manage their regulatory requirements – at a very affordable price point. The company utilises homegrown technology to provide regulatory and accounting services at scale. The company has a revenue run rate of over Rs. 50 crores and is profitable.
Commenting on the announcement, Lionel Charles, CEO and Founder, IndiaFilings, said, “Our vision is to build IndiaFilings.com as an institution and a fintech platform for India. We are happy to partner with BeeNext and Udtara Ventures in our journey of building together. With this investment, we are looking to double our revenue, introduce newer products and grow our customer base further.
I am also extremely thankful to my parents for backing me up in my first venture with funds – when I came back after completing my Bachelors and Masters in the USA. They literally bet all their life savings on my venture. I am happy – that I have been able to give them an exit and good returns.
There is a perception that Entrepreneurship is risky among some in India. I hope our story serves to break this perception and parents see investment into their children’s business as an asset class that can be monetised in this new decade.