RSE LegalDocs: assisting nouveau firms in completing their lifecycle
The availability of capital may help in initiating a business venture, but money alone cannot guarantee its sustenance. The organizations need the experts who are well versed in the technical know-how. To run an enterprise successfully requires a lot of courage. Many ideas fail, and the businesses get shut down due to the lack of knowledge on running compliances and protection of business. Most of the entrepreneurs possess little or no knowledge of intrinsic issues like Accounts, Taxation and Day to Day compliance which is primarily due to the unapproachable right professionals like CA, CS, Lawyers, Accountants, and Tax Consultants. Businesses sustain themselves by applying common sense. Hence, the inception of RSE LegalDocs came to a reality in 2016 by a Maharashtrian trio Gaurav Kumar Kate, Makarand Kate, and Shrishail Thote the Co-founders of the firm to provide solutions to the problems described above. It is an AI-driven platform for entrepreneurs and SME to start, grow and protect their business.
Solutions rendered and the uniqueness
Entrepreneurs are good at business ideas, but compliance, accounting, taxation, and finance should go hand in hand. The firm facilitates the search and access to the right professional for different phases of business, which helps the entrepreneur make learned, and conscious decisions. The firm assists entrepreneurs to choose the right Legal entity, proper compliance documents, right agreements in place with peers and vendors for a smooth launch of product and service in the starting phase. In Growth Phase, the firm helps with Accounting, Finance, GST, taxes, Regular Compliance and easy access to Loans and Private Equity if required. In protection Phase, the firm helps with various aspects like Insurance, Legal Protection, Copyright, Trademark, Patent, Cheque Bounce, Money Recovery. These targets are not achievable without the systematic use of technology which helps in quick services at reasonable prices and valuing the uniqueness of all customers who are the biggest differentiator.
It became India's fastest growing Legal Documents Portal. LegalDocs makes Legal Documents Easy, Secure and Valid. The firm is using India Stack infrastructure to create a state-of-art experience of Digital India for Indian citizens.
The opportunities and the scope
There are about 60 million SMEs operating in India, and the number is growing. For LegalDocs one/third of the market is addressable to help all SMEs to grow and protect the enterprises and its values. The SaaS model is facilitating the firm to capture eight to ten percent of the market which is about 600k SMEs of India for over a period of three years.
Sales of the industry and its growth rate
Economics 101 tells us that small and mid-scale enterprises are the key parameter to diagnose the holistic growth health of any national industry. The launch of Make in India, Mudra Loan, MSME registration is benefitting the young market leaders. Internet Consumption Metrics and Overall Mentality of youth to Start-up culture are the major green signal for the growth of SMEs. Pundits predict that this segment will grow at the rate of 20% year on year making a significant contribution to national GDP.
Impact as a market differentiator and the major product milestones
There are unfortunately no established agencies to address the doubts of these enterprises and provide solutions to their dread. Accounting, Finance, Taxation, and Legal Works consumes the significant energy of SMEs. LegalDocs is SME assistant to address all these works which are important for the growth.
The clientele and the long-term relationship with clients
The clientele of LegalDocs consists of prestigious names like, Lodha Group, Tata Housing, Rustomjee, SimpLease, HouseWise, Sarda Dairy, most successful food delivery and Home Rental platforms, and over 20000+ SMEs for Legal Documentation. From the time the client firm start to reach a turnover of 5 crores, the firm handhold them in all their needs. The firm's knowledge of SME lifecycle is impeccable. Hence, they proactively consult & guide them for attaining the lifetime value of the customer.
The corporate culture and motivation
LegalDocs is a flat hierarchy company. Hence, there is no culture of cubicles. The management has maintained a town hall for all major developments and achievements. The firm believes in order to keep their head with pride, Company Ethos and Employee Culture and Engagement are the intrinsic factors.
Recently, when FSSAI regulation hit Hotel owners for non-compliance – LegalDocs platform helped more than 10,000 hotel owners to get their food license within 45 days. The firm also helped 25k SMEs to Grow and Protect their Business. The firm is touching 3000 new SMEs monthly, and the number is growing by 15% month on month.
Our editorial team spoke to Gaurav Kumar over a quick conversation to know about him. Here are the edited excerpts.
How do you learn in your life and what is your biggest dream?
The Internet is the greatest invention of modern times. It has completely transformed the way of communication and learning. It is the biggest teacher. It provides quick information if one knows how to filter the useful ones. In a matter of 20-30 days, one can learn many new things. My biggest dream is to enter into digital marketing, Blockchain or Artificial Intelligence arena.
Tell us about when you failed. How did you overcome?
Failure in a start-up firm is a regular affair which involves a lot of experimenting. When experiments fail, we learn from it and move forward. Before the conception of the firm, the founding team worked on different products back then in Nov 2016. Those products failed, and we bounced back. Sometimes we lose, sometimes we win.
What gets you excited about the future?"
Technology's role will be enormous as a support channel, so individuals will be able to focus on honing the specialization. AI and blockchain technology will disrupt the Legal and Finance Industry in no time.
A piece of advice for the coming entrepreneurs
We should understand every minute details of customer requirements. The products matured in no time. Hiring qualified talent is a necessary requirement to sustain in the longer run.
Gaurav Kumar Kate – Co-founder and CEO, an Engineering and Management Professional with seven years of experience in Product Development and Marketing.
Makarand Kate – Co-founder and CTO, a Mumbai University alumnus, ex- TCS employee, developer by heart, a hub for Innovation with 2+ Years of Industry exposure. He is also the founder of Pecule IT Solutions.
Shrishail Thote – Co-founder and COO, an engineering graduate from VJTI, a serial entrepreneur, hustler by mind and doer by heart holds 3+ Years of Industry exposure.