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Legal tech start-ups in India have received $55 million in investment as of March 2022, according to a report by IIM Ahmedabad’s CIIE.CO.
The report highlights that while the legal services market in India is a small fraction of the much-evolved US market, India ranks second in the world in terms of the number of start-ups. India has over 650 legal tech start-ups and the US has over 2,500 such start-ups.
The legal services market size in India is only $1.3 billion, which is less than 1 per cent of the $437 billion US market. Legal tech start-ups have primarily raised early-stage funding (angel, pre-seed, and seed stage). The sector has seen an inflow of growth stage funding (Series A and B) only in the last two years and there haven’t been any notable exits in this sector so far.
Emerging product opportunities
According to the report, the six emerging product opportunities in the field that are ripe for scalable interventions are online dispute resolution (ODR), succession management, litigation finance, court management, due diligence management, and legal transcription and translation service.
Speaking on the report, Supriya Sharma, Partner-Insights, CIIE.CO, said, “Indians spend about 0.48 per cent of GDP on litigation. Entrepreneurial drive aided by cutting edge technology can potentially tackle the inefficiencies found across the legal services landscape.”
Sharma added, “While the sector is in its nascent stages, it is seeing strong tailwinds like the increasing digitalisation of court proceedings. I hope that this report aids the founders and investors aiming to build the legal tech market in India and the world.”
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