India’s legal services market stands at USD 1.3 billion - less than 1% of the US legal services market
India has more than 650 plus legal tech startups - the second highest in the world, highlights the CIIE.CO report
The report details the current legal tech landscape, investments, new opportunities and gaps for entrepreneurs
CIIE.CO at IIM Ahmedabad, has recently published India’s first comprehensive report on the legal tech startup ecosystem titled - “Beyond the bench: Promise of Indian legal tech startups”. The report highlights that while the legal services market in India is a small fraction of the much evolved USA market, India ranks second in the world in terms of the number of startups. With insights and opinions from founders, investors, lawyers and law firms, enablers, stakeholders, and subject matter experts, the report outlines the current landscape and highlights promising opportunities in the Indian legal tech sector.
Originally conceptualised as part of the Citizen Innovation Lab (CIL), an initiative by CIIE.CO & Omidyar Network India, the report captures product categories designed for different customer groups and stakeholders. It elaborates the six emerging product opportunities that are ripe for scalable interventions that are Online Dispute Resolution (ODR), Succession Management, Litigation Finance, Court Management, Due Diligence Management and Legal Transcription and Translation Service.
It also dives into digital technologies being leveraged and presents case studies of promising legal tech startups in India. However, despite increasing digitalisation, the vernacular nature of lower court proceedings limits the application of AI which can potentially reduce the burden on the system.
Speaking on the report, Supriya Sharma, Partner - Insights, CIIE.CO said, “Indians spend about 0.48% of GDP on litigation. Entrepreneurial drive aided by cutting edge technology can potentially tackle the inefficiencies found across the legal services landscape. While the sector is in its nascent stages, it is seeing strong tailwinds like the increasing digitalisation of court proceedings. I hope that this report aids the founders and investors aiming to build the legal tech market in India and the world.”
The report recognises the legal tech sector to be a promising bed of opportunities for investors too; the sector is seeing an increasing trend in growth stage funding. The report also enlists some critical ecosystem gaps which, if filled, will unlock the full potential of the legal tech market in India.
With over 650 startups and more than USD 55 million invested, legal tech as a sector may be at the cusp of expansion. Read here: go.ciie.co/legaltech
About CIIE.CO
CIIE.CO is the Innovation Continuum spreading from incubation, acceleration, seed, and growth funding to research. Founded at IIM Ahmedabad in 2002, CIIE.CO has since grown and pivoted to fill the multiple, ever-evolving gaps in the innovation-driven entrepreneurship ecosystem in India. Among its various initiatives, CIIE.CO has conceptualized and hosted India’s first and only CleanTech-focused fund, accelerated over 1000 startups, funded over 500 startups, inspired over a million with our publication - Stay Hungry, Stay Foolish and Startup Compass.
Research at CIIE.CO delivers sector intelligence into emerging areas like deep tech, climate tech and inclusion tech, learning tools, and academic investigations into pressing questions around building startups and their ecosystems. CIIE.CO publishes sharp, data driven insights and resources for founders, policy makers, incubators and investors in the Indian startup ecosystem.
Know more at www.insights.ciie.co
Advertisements