SpotDraft, a Bengaluru-based legal technology firm, has raised $8 million (about ₹66 crore) in a Series B extension led by Qualcomm Ventures, reinforcing investor confidence in its AI-driven contract automation platform and bringing the company’s total funding to roughly $92 million.
AI-first contract lifecycle management
Founded in 2017 by Shashank Bijapur and Madhav Bhagat, SpotDraft provides a contract lifecycle management (CLM) platform that leverages artificial intelligence to streamline drafting, review, negotiation and contract management. The platform aims to reduce manual effort, minimise errors and accelerate turnaround times for in-house legal teams, sales and procurement functions handling large volumes of agreements.
Privacy and security emphasis
SpotDraft has positioned data privacy and security as a key differentiator. The company is developing capabilities that enable AI-assisted contract review and analysis while limiting reliance on cloud-based processing—an approach that appeals to enterprises with stringent confidentiality and regulatory requirements.
Use of proceeds
The fresh capital will be invested in product development, with a focus on advanced AI features for contract analysis and workflow automation. SpotDraft also plans to expand its international footprint across the United States, Europe and the Middle East, alongside continued growth in India. The company expects to bolster its engineering and product teams to accelerate feature development and scale.
Traction and customer base
SpotDraft reports strong growth in the past year, citing an increase in customer acquisitions and a rise in contracts processed on its platform. Tens of thousands of monthly users now rely on the service, which handles over a million contracts annually. Its customer mix spans fast-growing startups and large enterprises across sectors such as SaaS, manufacturing, technology and services.
Market outlook
The founders say the new funding validates their strategy of building enterprise-grade, privacy-first AI tools for legal teams. As AI becomes more embedded in core business workflows, enterprises are expected to prioritise solutions that balance intelligence, speed and data protection.
The legal-tech market in India and globally is evolving rapidly because of digital transformation, regulatory complexity and remote work trends. While competition is intensifying, SpotDraft’s focus on AI innovation, security and international expansion positions it to capitalise on growing demand for scalable legal operations platforms.
