COVID-19 has hit every business, big or small, and stock markets across the globe have crashed. Most companies have asked employees to work remotely. But, both employees are employers are facing a slew of challenges in operating their businesses smoothly. One of the major challenges faced by an organization is the approval of legally binding documents and contracts remotely.
The challenges further include drawing up contracts for vendor onboarding, contracts for new employees, and document submission for a project on time with the signature from the top management.
This has compelled companies gasping for paperless solution for all their documentation. And, that what exactly is the Gurgaon based startup- Leegality is offering. Their secured signing platform is enabling small and large businesses to execute documents remotely through a wide variety of signing options – including Aadhaar eSign, which are enforceable under the Evidence Act.
Importance of Digital Legal Documentation
The need for eSigning was always there. The lockdown has accentuated the need for companies to go paperless when it comes to drawing contracts and documents. Digitally led documentation and signatures are a boon to companies as it can help them to:
- Reduce their dependency on physical paper
- Avoid delay in contracts due to Signature
- Nullify signature inconsistencies
- Save expenses on storage costs for paper
- Reduce courier expenses
- Address data security, access and disposal issues, and more…
As per the Indian IT Act, digital signatures are legal and recognized as a valid instrument for enforcing contracts. Moreover, the eSignatures are valid in a court of law and can be done through crypto-tokens, Aadhaar, or video-based verifications. Therefore the companies have started looking for the digital options for continuity of workflow.
Leegality – Gurugram-based digital legal documentation platform
A few weeks ago days, Leegality did something which they have never imagined. The Gurgaon based startup, managed the paperwork digitally and helped an acquisition to get completed during the lockdown. The complete documentation and signatures during the process of acquiring the company were done digitally through Leegality’s software solution within a few hours.
Leegality was founded in 2016 by Shivam Singla, Prakhar Agrawal, and Sapan Parekh, who are graduates of National Law School (NLU), Bangalore. The platform offers solutions that can help the companies to switch from paper documentation processes to perfect digital ones. The digital solutions save time, and the efficiency in the documentation process increases manifold. Besides workflow automation, the digital solutions also help in reducing operational costs.
Leegality allows businesses to execute documents remotely through a wide variety of signing options – from Aadhaar eSign, DSC Token based signing, Server-based sign certificate and Secure Virtual Authentication.
They have Transaction Management Services which support companies in the execution of critical transactions on an urgent basis. All parties need to do is provide the documentation that requires signing and the parties that need to sign it. Leegality team handles the rest .
Leegality raised an undisclosed amount in a funding round led by Mumbai Angels Network and Chandigarh Angels last year.
Their secure digital solution has been implemented by companies like Airtel Payments Bank, HDB Financial Services, L&T Finance, Razorpay, WeWork, goDigit among 200 others.
Scope of Digital Documentation
Over the past few years, many small companies have already adopted the digital documentation solutions. But the large companies and the public sector were still hesitant. The forced remote work due to the pandemic outbreak is changing the perception now. Besides, companies wouldn’t like that their tasks are stuck because of the non-availability of authorized signatories.
These companies are already playing an essential role during COVID-19 Pandemic. Furthermore, these companies are expecting more players to use their platforms to ensure their business documentation continues to flow, and the contracts continue to be executed in a legally binding manner.
Leegality
Founders – Shivam Singla, Prakhar Agrawal and Sapan Parekh
Founding Year – 2016
Location – Gurugram
Contact – + 91 11 411 70704
Website – https://leegality.com/
