Cubictree Tech eyes Rs 100 cr revenue over next five years
The legal tech firm, which has raised $2 million of funds in angel round so far, is currently looking at raising funds from investors as it plans to expand aggressively in the foreign markets
image for illustrative purpose
Cubictree Technology Solutions, India's leading legal tech and largest litigation data aggregator, is expanding very fast with large scale adoption among enterprises. The company currently works with several clients in the BFSI (banking, financial services and insurance) space including banks, NBFC (non-banking financial company), housing finance companies (HFCs), ARCs (asset reconstruction companies) along with large businesses spread across telecom, manufacturing, pharma and other sectors. Founded in 2009 by Hitesh B Jirawla, the company provides a blend of SaaS (software as a solution) and AI-based software platforms in the fintech and legal tech areas. In an exclusive conversation with Bizz Buzz, company's founder and CEO, Jirawla said the company is eyeing Rs 100 crore of revenues in the next five years. The firm, which is already profitable, is also expanding in foreign markets and have started its journey in some of the Asian countries. The legal tech firm, which has raised $2 million of funds in angel round so far, is currently looking at raising funds from investors as it plans to expand aggressively in the foreign markets
On the data side, we have a data lake wherein we collect the data from the courts, update our database and provide the information to our clients. This helps our clients to know what is happening in the court and can resolve the cases at an early stage
We found that there were large enterprises which found it difficult to find all the legal records in orderly manner and in time. These records were stored in excel (sheets) and churning among the record keeping staff made it difficult to track those records in orderly manner. We had seen instances where a case date came up after five years and nobody had a clue on the record of that case. So, we started our journey by creating a platform for enterprises
How successful is Cubictree Technology Solutions in providing simple, online legal tech solutions to organisations across the spectrum?
When we started a more than a decade back, it was to provide a platform to manage information. We found that there were large enterprises which found it difficult to find all the legal records in orderly manner and in time. These records were stored in excel (sheets) and churning among the record keeping staff made it difficult to track those records in orderly manner. We had seen instances where a case date came up after five years and nobody had a clue on the record of that case. So, we started our journey by creating a platform for enterprises.
As we went along with the journey, we realized that everything depended on the lawyer and there was no way to know what was happening on the ground. We picked up that problem and built a data base which today houses 3.2 billion records in online format. And we add online records on a daily basis.
Today, Cubictree has two divisions. One is the corporate platform division and another is data division. On the corporate platform division, we have a large banking, NPA (non-performing assets), legal and recovery management platform. This platform integrates with the core banking platform, picks up data base on defaults. Then through our algorithm these, default accounts are divided into various categories and provides the legal team with the actions that needs to be taken.
Once they approve this, this is auto-allocated to the branches and the user knows what is the action to be taken on that particular account. Also, real time upgrades happen on the accounts. This saves a lot of time for the officials involved in this process as it is completely system driven. We are implementing this platform across 40 plus BFSI clients.
For non-BFSI clients, especially for the corporate legal teams of enterprises, we have a platform that manages all the information at one place apart from providing various MIS (management information system) reports. Also, we have a platform for law firms and lawyers. The fourth platform is a e-contract manager or a contract lifecycle management software platform.
What are the solutions you provide on the data side to customers?
On the data side, we have a data lake wherein we collect the data from the courts, update our database and provide the information to our clients. This helps our clients to know what is happening in the court and can resolve the cases at an early stage.
There are many IT services firms which provide platforms to BFSI clients in the area of credit monitoring, NPA detection and management. How is your platform different from those service providers?
On the legal side, there are many layers which have to be looked at. For instance, the processes in which we specialize. So, we understand the core legal processes that are involved in the recovery. That's where our specialization plays a critical role. In India, there is no other company, which can compete on the features that we provide on the legal processes.
Are you looking to take your platforms outside India for tapping global customers?
Our base is in India. We have started our journey in the international market in the Asian region like Bangladesh, Sri Lanka. But we have just started.
In the non-BFSI segment, how many large enterprises are your customers?
We have many enterprises as our customers spreading across telecom, pharma, shipping, manufacturing, large conglomerates, FMCG sectors. We have a total of 500 customers (BFSI and non-BFSI clients). Also, we also have big law firms and individual lawyers as our clients.
How much revenue the company clocks per annum now? What is the game plan for the future?
We are looking at clocking Rs 100 crore in the next five years. We are also looking at going aggressive on foreign markets in coming years.
How much funds have you raised so far? Are you looking at raising funds for overseas expansion?
We have raised a total of $2 million so far. We are already profitable. We are looking at raising funds for expansion. We are looking at raising $3-5 million in this round.
Do you have your proprietary algorithm?
Technology is the core of our platform. We have our proprietary algorithm built by our technology team. We provide APIs that our consumers use.
Do you work with system integrators like large IT services firm for serving clients?
We work with some of the large IT companies. Our solution is part of their offerings. But the number is very low as of now but we are looking at expanding this segment of business.
