SpotDraft Secures $8 Million Funding

SpotDraft, a legal-tech startup, recently raised $8 million from Qualcomm Ventures as part of an extended Series B funding round. This investment follows the company’s previous $54 million Series B round conducted in February 2025, and the earlier $26 million raised in its Series A funding round in March 2023. The newly acquired funds will be utilized to enhance product and AI functionalities, alongside promoting enterprise adoption across regions such as the Americas, EMEA, and India.

About SpotDraft’s Unique Offerings

Founded by Shashank Bijapur and Madhav Bhagat, SpotDraft has developed an AI-driven contract lifecycle management (CLM) platform that prioritises privacy for enterprise applications. The innovative AI tools are crafted to retain sensitive legal data on-device, eliminating the need to transmit documents to external cloud services.

Exceptional Growth and Market Adoption

SpotDraft has reported remarkable year-on-year growth, with customer numbers increasing by 100% and the volume of contracts surging by 173%. Currently, the platform serves almost 50,000 monthly active users and manages over one million contracts each year. The company recently showcased its on-device contract review capabilities at Qualcomm’s Snapdragon Summit 2025, where its AI models operated on Snapdragon X Elite laptops without requiring cloud connectivity.

Competitive Landscape

In the competitive legaltech sector, SpotDraft faces rivals such as Legistify, Leegality, Sirion, and Vakilsearch, among others. Notable clients of SpotDraft include industry leaders like Apollo.io, Panasonic, Zeplin, and Whatfix.

Financial Performance

Financially, SpotDraft has seen its revenue from operations triple in FY24, reaching Rs 60 crore, up from Rs 20 crore in FY23. Meanwhile, losses have remained stable at Rs 68 crore. The results for FY25 have not been independently verified.