Three start-ups complete Cyril Amarchand Mangaldas' second tech incubator scheme
Virtual programme comes to a close 16 weeks after development period kicked off in June
Indian law firm Cyril Amarchand Mangaldas (CAM) has announced the conclusion of the second iteration of its tech incubator programme.
This year, three successful legal tech companies — Conduct, Presolv360 and PropertyChek — have emerged from the firm’s Delhi-based incubator, Prarambh, after completing the 16-week virtual incubation and development programme.
The trio of startups joined the scheme in June after they were selected from a pool of 24 applicants with the aim of developing scalable solutions for the legal and corporate sectors that ‘help fill a critical void’ in the Indian legal market and address business disruptions caused by the Covid-19 pandemic.
This time, the startups were also selected based on an interest in improving on several key areas of the legal industry including access to justice, transactional efficiencies, law firm operations, litigation competencies and India’s remote workforce.
As part of the scheme, the first of its kind in India, the companies gained access to mentorship and guidance from industry professionals as well as CAM lawyers across a number of different business areas like governance, risk and compliance, product improvement, beta testing and growth strategies, among others.
The incubator, overseen by the firm’s chief innovation officer Komal Gupta, was first launched in 2019 with three legaltechs — JRTC Intern, Leegality, and LegalMind. The initial trio completed the incubator programme last May.
Gupta said the incubator “has had a significant impact on the domestic legal market” and has encouraged local entrepreneurs to “develop scalable solutions for the legal industry” while also increasing the visibility of legaltech to a broader range of clients and investors.
CAM’s managing partner, Cyril Shroff, added: “India’s legal industry needs dynamic legatech solutions, now more than ever, as businesses are looking to improve and sustain work efficiency in virtual environments. With Prarambh, we aim to supplement this need and pave the way for growth of LegalTech solutions in India.”
The Mumbai-based giant is certainly not the only law firm to continue its investment in young tech companies this year in response to the pandemic. Last week, Spanish law firm Cuatrecasas launched the sixth edition of its legal tech startup acceleration programme, Cuatrecasas Acelera, with six new startups set to join the four-month programme.
And in May, Allen & Overy elected 11 new legal and financial tech companies to take part in the second fully-virtual and fifth overall edition of its tech incubator, Fuse.