Legal-tech startup SpotDraft has raised $8 million from Qualcomm Ventures as part of a Series B extension, the company said.
The latest infusion comes nearly a year after SpotDraft raised $54 million in its Series B round in February 2025, and follows a $26 million Series A raise in March 2023, underscoring sustained investor interest in its enterprise-focused contract management platform.
Use of Funds
SpotDraft said the fresh capital will be deployed to:
- Strengthen product development and AI capabilities
- Expand enterprise adoption across the Americas, EMEA and India
- Invest further in privacy-first, on-device AI workflows for legal teams
Business and Technology Focus
Founded by Shashank Bijapur and Madhav Bhagat, SpotDraft offers an AI-powered contract lifecycle management (CLM) platform built for enterprise use cases where data privacy and security are critical.
Unlike cloud-dependent models, SpotDraft’s AI tools are designed to process sensitive legal documents on-device, ensuring data does not leave enterprise environments or get routed through external cloud models.
The company recently showcased its on-device contract review capabilities at Qualcomm Snapdragon Summit 2025, where its AI models ran locally on Snapdragon X Elite laptops without requiring internet connectivity.
Growth Metrics
SpotDraft reported:
- 100% year-on-year growth in customers
- 173% YoY increase in contract volumes
- Nearly 50,000 monthly active users
- Over one million contracts processed annually
Its customer base includes enterprises such as Apollo.io, Panasonic, Zeplin and Whatfix.
Financial Snapshot
According to filings, SpotDraft’s revenue from operations tripled to ₹60 crore in FY24, from ₹20 crore in FY23, while losses remained flat at ₹68 crore. The company’s FY25 financials could not be independently verified.
Competitive Landscape
SpotDraft operates in a competitive legal-tech market alongside players such as Legistify, Leegality, Sirion and Vakilsearch.
Why It Matters
The Series B extension signals growing enterprise demand for privacy-preserving AI solutions, particularly as global regulators and companies tighten controls around data governance and on-device intelligence.
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