Fintech startup IOUX seeks to raise USD 10 million; promote ease of doing business
Fintech startup IOUX, which specializes in providing a holistic solution for executing legal and financial agreements to promote ease of doing business, is looking to further strengthen its presence in the sector with an investment of USD 10 million in a few months. (about Rs 77 crore) is planning to raise. Its co-founder Vineet K Sachdev said.
He also added that the company is introducing a blockchain system on the IOUX platform to help MSMEs establish their performance and creditworthiness to receive funds from financial institutions at easy and affordable terms. Businesses that meet their contractual commitments will receive tremendous benefits in terms of new business acquisitions and access to viable credit through the startup’s partner network.
The Department for Promotion of Industry and Internal Trade (DPIIT)-registered platform aims to become a leading player in the areas of contract formulation, execution and enforcement of legal and business agreements to promote ease of doing business in the country. Digital India He said that the initiative of the government.
“We have previously raised a small seed round of USD 0.5 million. Now we are looking to raise around USD 10 million in a few months. We will work in that direction. For this we are in discussion with Venture Capital Firms. We will look at venture capital firms with a focus on legal technology and fintech, especially those backed by blockchain technology,” Sachdev told PTI.
The company has over 15,000 clients including around 3,000 businesses and micro finance companies. Explaining the logic behind the IOUX platform, he said that individuals and MSMEs face a lot of issues with respect to documents such as legal agreements, loan and rent agreements, work contracts, human resource agreements and financing and service agreements. Does matter.
“Therefore the IOUX platform provides a one-stop solution to all these issues. We have templates for all these agreements which are prepared by domain experts and are also legally checked,” Sachdev said. HP Kumar, Co-Founder, IOUX said that the platform helps in solving finance, compliance and legal settlement document, which in turn promotes ease of doing business and especially for MSMEs in the business environment of the country. makes improvements. Micro, Small and Medium Enterprises) sector.
“All these issues can be addressed through our platform,” Kumar said, adding, “Our specific product verticals include online creation of legal contracts/security and other documents; e-sign a document; download drafts/samples of documents and agreements; get stamp paper online; Verifying and authenticating the identity of any individual/business (eKYC).
Kumar said the platform promotes ease of doing business through fast-tracking contract execution and enforcement. “The fintech and legaltech services offered by our company are unparalleled and no other company in India provides such services in an integrated manner. Our company has already applied for three patents and obtained two.”
The government has granted a patent for a secure system and method for creating and monitoring a smart contract using a computer-implemented distributed ledger; and the Contractual Dispute Resolution Mechanism (CDRM). It is also registered with CERSAI, CKYC, rating agencies/credit bureaus like CIBIL, CRIF, Equifax and Experian. The company has an in-house technology team that has developed the complete software system with investments coming from the founders