About Leegality

Leegality is a document infrastructure platform that allows businesses to quickly deploy electronic signing, stamping, fraud-proofing, and automation across all their paperwork processes, in a fast, easy, and compliant way.

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The major vision of leegality is to remove the paper from paperwork. We are industry and use-case agnostic, with a major presence across banks and financial service companies.

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Core Features

1. BharatSign - Leegality provides more than 16 types of electronic signatures, all of which are legally valid and secure alternatives to physical signatures.
2. BharatStamp - BharatStamp facilitates businesses to procure and affix legally compliant digital stamp papers hassle-free and is the only private stamping network that is fully compliant with Indian laws.
3. Paperwork Operations - Leegality has digitalized all the legs of a document execution journey. We ensure that all the key steps such as document generation, document signing, digital stamping, sending, and storage can be done in one single platform.
4. Low-Code APIs - Leegality also provides low-code APIs for each of our features so that our clients can integrate us with the platform of their liking such as Loan Origination and Management Systems, CRMs, ERPs, Document Management Systems, HRMS, and more.

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How are we different from our Competitors?

1. We provide a deep solution to our clients. We are not just about digital signatures, which all of our major competitors are focused on. Our solution replicates each step of paperwork execution and we have expanded vertically to be the market leader in the industry.
2. We are compliance-first. All of our features are first vetted based on compliance with Indian Laws so that our clients can execute their paperwork safely and securely and can legally protect themselves - a differentiation that stands out among our competitors.
3. Our focus is to help our clients not just digitize but to help them reduce their turn-around time for paperwork, increase their workforce productivity, and hence, scale their business operations.

Understanding Leegality's Core Value Prop

For [businesses] that [need to execute a large number of documents],

[LEEGALITY] is an [document execution platform]

that [automates paperwork processes in a fast, easy, and compliant way]​

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Ideal Customer Profiles

ICP Prioritization

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Core Insights

1. Banks are more resistant to change than NBFCs because they are bigger organizations with legacy systems and have complex processes. NBFCs also don't have a high adoption curve but are still higher than banks.
2. The frequency of use cases would be higher in NBFCs because they disburse more loans as compared to banks. While we have seen this through their use case via our internal data, it can be seen here as well.
3. Banks have a higher appetite to pay as compared to NBFCs because they are bigger organizations with bigger budgets for digitization.
4. TAM for NBFCs is way higher than Banks in terms of number of loans that they disburse. They lead the private banks by a huge margin.
5. It's quicker to distribute our product to the Direct Selling Agents of NBFCs rather than the Banks. It's because banks are traditionally slower, have a slower adoption, take time to test out the product first with a smaller use case, and have fragmented management. This is not the case with NBFCs wherein the decision-makers have a power center and the distribution across the industry and inside the company as well, is quick.

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Market Sizing

Leegality provides its products and services under the Digital Transaction Management category. We will use the top-down approach for market sizing for the overall market.

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Total Addressable Market

As per this market research report, the TAM for the global digital transaction management market is $15B in 2024.

Leegality will go global sooner. Therefore, we will need to look at the international market.

Serviceable Available Market

Given the above numbers, we have got an idea of what the global market looks like. Let's dive further into calculating the SAM.

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As per the product and the market, the SAM can be filtered out using the following parameters:

1. Geography - India
2. Market Segment - Electronic Signature

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In the above report, the electronic signature and workflow automation segment market is worth 35% i.e. around $5.25B.

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Let's assume that the percentage of the market share in India is 10% of the global market share.

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Serviceable Obtainable Market

Assuming we wish to capture 30% of the market because that would make us the market leader in the segment:

Insights from Market Sizing

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Leegality's major competitors in the above market:

Acquisition Channels

Currently, the Acquisition Channels that Leegality uses are:

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Insights on Existing Acquisition Channels (Data from 2020-2024)​

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✅ Outbound is the most successful channel with the highest revenue at 33% of the total revenue generated. It also has the highest average revenue per successful deal and has helped us generate the highest number of leads.

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✅ Client/Prospect referral is the second most successful channel, generating 30% of the total revenue, followed by Partner Referrals at 12%.

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✅ Inbound channel (mostly email marketing) generated the highest number of leads and helped us generate the fourth highest revenue but the average revenue per deal was low.

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✅ Events has been the least impactful channel, with the lowest number of deals followed by LinkedIn Ads (Paid Advertising).

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Optimizing our Main Channels

Outbound

Prospect/Client Referral

Existing Process:

1. While prospecting (via any channel), the BDR team may come across certain prospects who may not need our solution or might not go ahead with us due to certain, but they would happily refer us to someone in their organization in another vertical or department, in this case, it becomes a Prospect Referral.
2. Another scenario can be an employee of an organization that already uses Leegality, moving to another organization and then referring us to their new organization. Or there can be a scenario where an existing client may refer us to other departments in their company.

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Problems Identified:

This method is not very organized. This is something where the process just goes through wherein the BDR may come across a lead, follow it, get a referral and the deal moves to the next stage. There's hardly anything that can be done here because SOPs are already in place. However, we can optimize a little bit for the referrals.

So, the process looks like this:

Reach out to a Lead >> Lead asks us to share an email >> We send an email which is forwarded to the the person getting referred >> We get a call back

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Hypothesis:

1. If we are able to track the number of opens or forwards on a particular emails that are being sent to the prospect, we may be able to understand which kind of prospects are actively referring us. This can either be done via an in-house referral portal, which will be expensive. Or we can use a tool like Mailsuite to track the number of emails opened.
2. If we attach a link to the resource in that email, which can be a pitch deck, we may be able to track who and when the pitch was accessed. We are already using a tool for that, GTMBuddy.

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Action Items:

• Implement Mailsuite to track emails.
• Use GTMBuddy to track who and how many people opened our document

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Partner Referral

Existing Process:

1. We have a dedicated partnerships team that builds and sustains partnership relationships with other companies that have complementary products to ours. For example, a bank uses a Loan Management System to manage their loans. Therefore, our partnerships team builds business partnerships with such businesses that have loan management systems as their product.
2. It has 2 models:

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Problems Identified:

Both models have certain problems due to their nature rather than something we always optimize for. However, one thing that can done is to productize our referral process.

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Hypothesis:

1. Productizing the referral process can help our partners automate the process and it can help us track and manager our referrals productively.
2. Productizing may work for both models.

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Action Items:

• Productize the Referral Process, which may look like this:

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Other Channel Experiments (For all ICPs)

Paid

This is what the flow of one of our LinkedIn Ads currently looks like:

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Step 1:

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Step 2:

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Step 3:

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Problems Identified:

As we can see from the screenshots above, it takes a lead 3 steps to book a demo with Leegality.

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Hypothesis:

1. Reduce the number of steps from 3 to only 1 to book a demo with us.
2. More lead generation due to reduced drop-offs.
3. Better brand looks across LinkedIn.

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Action Items:

• Use LinkedIn Lead Gen Forms for all the ads.
• Keep the branding colors and font consistent across ads.

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Organic

Problems Identified:

We need a better brand footprint online. If you look at Leegality's presence on various software comparison websites, it's almost negligible. We need to improve it

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Leegality's G2 Page

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Leegality's SourceForge Page

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Leegality's Capterra Page

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​Hypothesis:

1. Consistent Brand Presence on these websites builds brand recall.
2. Getting more reviews on these platforms builds credibility.
3. Being active on these platforms can bring in Inbound leads via Google Search and comparison search.
4. Launching Leegality on Product Hunt can bring visibility from founders and decision-makers, thus increasing the inbound potential.

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Action Items: ​

• Customize the brand look across platforms by updating the brand look (logo, colors, screenshots), brand voice (written content), and brand behavior.
• Launch the product on ProductHunt as it has not been launched there yet.