The round was led by Premji Invest, with participation from Prosus Ventures, 021 Capital, Arkam Ventures, Riverwalk Holdings, and 100x Entrepreneur Fund. The cash infusion is earmarked for further product development and aggressive growth in North America, identified as a key market by the company.

SpotDraft is a best-in-class end-to-end contract management and automation solution that acts as a digital record system for in-house legal teams. SpotDraft's AI-driven solution empowers in-house legal teams to save up to 5 hours per week and helps them close deals 25 percent faster, freeing them to focus on more strategic projects. Founded by Shashank Bijapur, Madhav Bhagat, and Rohith Salim, the team has decades of combined experience in the legal field as well as in building world-class products at companies like Google, Microsoft, Amazon, IBM, and Linkedin. Since its founding, SpotDraft has tripled its revenue and doubled its headcount year over year.