Legal tech startup
This startup is arming creative community with all legal documents and helping them to focus on their productivity.
12th, September 2017 - Legal tech startup
Origin of Tranxact
India has the largest freelance community (15m+), and a large part of it is coming out of colleges and self-taught projects where there is a culture of learning from mistakes. Hardly any design school, as an example, teaches its students the business end of collaborations. Out in the market, they start from scratch, Google-ing their way through invoices, the contents to be put in a contract, and so on. Consequently, there are payment defaults, work-scope related disputes, collaborations gone wrong, simply because neither of the sides had knowledge or experience of safeguarding their interests through documentation.
In late 2015, my co-founder, Rahul Maheshwari, initiated an awareness campaign on the malpractices and lack of organisation in the creative community. It was in early 2016 that he, a creative professional himself, found himself locked in a house by a client for close to four hours. The demand was simple- deliver the project material in exchange for the client’s pittance, and not the previously agreed amount. Things went to worse, but an important lesson was learnt- that in spite of the scale of your work or the amount, have your legal and other paperwork in place. This particular incidence made us put our heads together and dig deep for a solution, and it was here that Tranxact took shape as a document creation and management tool, providing the legal and invoicing framework to a community marked by a high volume of work against less organisation. From generating contracts, e-signing, maintaining a repository to scheduling invoices, keeping a track of the payments, Tranxact functions as a business manager for freelancers and small-mid-sized business owners.
On a personal front, I am a graduate from Lady Shri Ram College for Women, where I pursued English literature, the post which I took up my legal education at Faculty of Law, University of Delhi. Before taking on Tranxact, I was heading BloodConnect Foundation as its national president (2015-2016).
Legal documents are confusing and complicated, how does Tranxact creating value to the people
Undoubtedly, legal documents involve considerable legal jargon and can get difficult to understand. For this, we have ensured that all the contracts generated on the platform are easy to understand, without sounding too complicated. Further, the contracts have been vetted by AD Chambers, managed by Mr Anish Dayal, Advocate, Supreme Court of India, who is a leading Media and Entertainment lawyer.
Founder & Director of Artist At Work Productions, Rahul Maheshwari is the other co-founder, who recently had his first exit with LA-based South Asian dating app Dus, where he was the co-founder. He’s also the Country Manager (India) for DateTix (ASX: DTX). Working closely on product development, user acquisition and marketing, he has built a considerable repertoire of collaborators globally, from Europe to the U.S.A., expanding their brand outreach and growth in reaching out to their target users with innovative, content driven campaigns. He’s an Economics graduate of Hansraj College and later joined Delhi School of Economics for his Masters, which he gave for pursuing his entrepreneurial energies.
Tranxact is incubated under Startup Tunnel, how is the journey thereafter?
We are in the initial stage of our growth and are still rolling out services on the platform. Being incubated at Startup Tunnel was a great experience, and from hereon we look at Tranxact as the go-to tool that very creative professional relies on for their business needs, and one they will trust to take care of their paper, while they focus on the work. In terms of future scope, we see ourselves expanding globally, and also across other ecosystems. We are also open to venturing into AI-backed contract review and analysis.
As a women entrepreneurs did you face any challenges, , if yes can you tell us?
I have been insulated from any prejudice on account of being a woman in the entrepreneurship space, so far. There is a lot of positive energy surrounding women in business, and the number of women out and about, doing things that they want is steadily growing, though it is nowhere near the ideal.
Advice to upcoming women entrepreneur.
Engage with communities like one provided by Tipping Point, which bring together a competent pool of women who not only inspire you to push further but also challenge you to step out of our comfort zone and be out and about.
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