Kolkata-based Lexplosion Solutions Pvt Ltd, a legal and compliance management company, has raised an undisclosed amount in its current round of funding from Pramod Bhasin, a vice-chairman and former CEO of Genpact Ltd.
The funding will be used for product development, improvement of its sales & marketing section and to expand its reach globally.
“Regulatory compliance is a complex area and will continue to become more important for businesses as they grow and expand. Lexplosion has created a solid framework of resources and highly up to date knowledge base along with an easy to use technology platform that brings it all together,” said Bhasin.
Incorporated in 2007, Lexplosion offers compliance management, Komrisk, corporate due diligence, legal research and virtual in-house counsel support. To strengthen the efforts of the organisations in enforcing consistent compliance management processes, internal controls and reporting, the firm introduced ‘Komrisk’ one year back, a web- based legal governance, risk and compliance management solution. It is available in both cloud model and customizable on-premise delivery model.
“With this investment, we will be able to focus on more innovative and exciting products in the LGRC space,” said Lexplosion’s CEO and co-founder Indranil Choudhury.
Before co-founding Lexplosion, Choudhury was head of operations and site leader for Genpact and has also headed Genpact’s India legal and compliance functions, including acting as the lead transactions counsel for Genpact’s outsourcing transactions.
For Bhasin, this is the second known private investment after stepping down as the chief of Genpact in mid-2011. Earlier he had teamed up with Pia Singh, daughter of DLF chairman KP Singh, for a venture in the education and training sector, named Skills Academy. The duo has roped in Anju Talwar, Bhasin’s former colleague at Genpact, as the chief executive of the firm.
(Edited by Prem Udayabhanu)