Medilytix Bureau:

Business services platform IndiaFilings has raised Rs 32 crore ($4.3 million) in a pre-Series A round of investment from boutique investment banking firm CreedCap Asia Advisors, Singapore-headquartered venture capital firm Beenext and Mumbai-based family office Udtara Ventures.

This is the first-ever institutional investment funding raised by the company. A majority of this round involves a secondary component which is used to provide full exits to its early angel investors (founder’s parents).

Lionel Charles, co-founder and CEO, said the primary component will be utilised to accelerate growth across verticals and increase its paying customer base.

Founded in 2014, the company offers a slew of business registration and compliance services under three verticals. The oldest and largest vertical IndiaFilings is a unified platform for government services. It caters to company incorporation, GST, income tax and intellectual property services. Ledgers, a Software as a Service (SaaS) product, offers services such as GST invoicing and filing, payroll, inventory management, input tax reconciliation, payment gateway management, and connected banking. Ledgers is integrated with ICICI Bank and SBM Bank for connected banking, the GSTN Portal, Income Tax Portal and different payment gateway solutions. EQL, its newest vertical, offers a slew of financial products including pre-paid cards and neo banking.

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