LegalRaasta has raised Rs 32 crore in Series A funding from Impanix Capital. The funds will be used to build a GST compliance software, the company said in a statement. It will offer both a standalone GST software and an API interface to connect enterprise resource planning (ERP) planning software such as SAP, Oracle & Tally with GST systems. The Delhi-based startup claims the software will simplify GST filing through features such as reconciliation, excel upload, app-based GST filing etc.
Currently, it offers income tax returns (ITR) and tax deducted at source (TDS) software. It also offers services for company registration and trademark registration. LegalRaasta was started by a former McKinsey consultant Himanshu Jain and his brother chartered accountant Pulkit Jain.
LegalRaasta has already applied to be a GSP (GST Suvidha Provider) with the government. To build the product, the company will scale up the team to 300 members in the next 6 months and has also got senior VAT official RK Jain as an advisor on board.
In April last year, the company raised $1 million (around Rs 6.7 crore) in angel funding from two high-net-worth individuals, Pravin Khandelwal and Yatin Kumar Jain.
LegalRaasta competes with MeetUrpro, which positions itself as a one-stop shop for all legal and tax requirement. There is also Cleartax that help individuals and companies to file taxes. The company claims it has served more than a million customers and also has a GST software in its offering. ClearTax has raised a total of $15.3 million from SAIF partners, Silicon Valley-based Sequoia Capital.