Bengaluru-based legal technology startup SpotDraft has raised $8 million (around ₹66 crore) in a Series B extension round, strengthening its position in the fast-growing contract automation and legal AI space. The extension round was led by Qualcomm Ventures and comes close on the heels of the company’s earlier Series B funding, reflecting continued investor confidence in SpotDraft’s growth story and product vision.
Founded in 2017 by Shashank Bijapur and Madhav Bhagat, SpotDraft offers an AI-powered contract lifecycle management (CLM) platform designed to help legal and business teams draft, review, negotiate and manage contracts more efficiently. With this latest capital infusion, the company’s total funding has reached approximately $92 million, making it one of the more well-capitalised Indian legal-tech startups operating at a global scale.
Focus on AI-Driven Contract Management
SpotDraft’s platform addresses a key pain point faced by companies across industries — the slow and complex nature of contract workflows. By using artificial intelligence and automation, the startup aims to reduce manual effort, minimise errors and improve turnaround time in contract execution. Its tools are used by in-house legal teams, sales teams and procurement departments to manage high volumes of agreements without compromising on compliance or accuracy.
A key differentiator for SpotDraft is its strong emphasis on data privacy and security. The company is building solutions that enable AI-powered contract review and analysis without excessive dependence on cloud-based processing. This approach is particularly relevant for enterprises handling sensitive legal and commercial information, where data protection and confidentiality are critical.
How the Fresh Capital Will Be Used
The newly raised funds will be deployed to enhance SpotDraft’s product capabilities, especially in advanced AI features for contract analysis and workflow automation. The company also plans to use the capital to expand its presence in international markets such as the United States, Europe, and the Middle East, while continuing to strengthen its footprint in India.
In addition, SpotDraft is expected to invest in expanding its engineering and product teams to accelerate innovation. As enterprises increasingly adopt AI-led solutions, the startup sees a growing opportunity to position itself as a go-to legal operations platform for mid-sized and large organisations.
Strong Growth and Enterprise Adoption
SpotDraft has reported robust business growth over the past year. The company claims a significant increase in customer acquisitions and a sharp rise in the number of contracts processed on its platform annually. Today, tens of thousands of users rely on SpotDraft every month to manage over a million contracts each year.
Its customer base includes a mix of fast-growing startups and large enterprises across sectors such as SaaS, manufacturing, technology and services. This wide adoption highlights the rising demand for legal-tech solutions that can scale with business needs while remaining easy to use.
Leadership Outlook and Market Opportunity
Commenting on the funding, the founders highlighted that the investment reinforces their belief in building privacy-first, enterprise-grade AI tools tailored for legal teams. According to them, as AI becomes deeply embedded in core business functions, companies will increasingly prefer solutions that balance intelligence, speed and data security.
The legal-tech market in India and globally is witnessing rapid evolution, driven by digital transformation, regulatory complexity and remote work trends. While the space is becoming increasingly competitive, SpotDraft’s focus on AI innovation, global expansion and enterprise trust positions it well for sustained growth.
Overall, this $8 million Series B extension not only strengthens SpotDraft’s financial position but also underlines a broader trend — Indian SaaS startups building specialised, AI-led enterprise products are attracting sustained global investor interest and scaling confidently beyond domestic markets.