Members of the Delhi-based Indian Angel Network (IAN) has acquired a 20 percent stake in US-based legal process outsourcing (LPO) venture TechLit Solutions for $1 million, valuing the start-up at $5 million. Techlit was started in January 2008 by Neal Gupta (who is also a member of IAN) along with the co-founders of Aptara, a US headquartered firm which offers composition and publication services to publishers of books and journals.
IAN is a Delhi based angel investing forum formed by a group of individuals investors. The investment is done at the personal level of the investors. In TechLit, investors like Rohit Chand (Axis IT&T, IIS Infotech), Rajan Anandan, former Dell chief in India and currently Microsoft MD in India, Avinash Singh (CEO & MD of Excel Ventures), and Ajay Garg (founder of Equirus Capital) have invested.
TechLit provides litigation support services to law firms and corporate general counsels in the US in the form of electronic data. It currently has an office in Seattle and its business model includes capturing, preserving and managing data for clients by leveraging technology and offshore resources. The funds raised will help TechLit expand its services in the US, while setting up an offshore technology operation in India. The company plans to hit the market with a public float in the next three years.
IAN, which has close to 80 members, have made 16 investments in the last two years in sectors like information technology, intellectual property, hospitality, mobile, education and internet.
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