Ajay Relan, co-founder and former managing partner of CX Partners, has invested in Delhi-based compliance management software startup LexComply, the firm said in a statement.
The company raised Rs 50 lakh in an angel round of funding from Relan along with other unnamed angel investors. It will use the funds for enhancing technology and marketing solutions.
We wish to have capital ready as we are up for ramping up operations, increasing outreach, automating delivery and developing more GRC (governance, risk and compliance) solutions in next one year, said Gaurav Jain, founder of LexComply.
LexComply, which is run by RSJ Lexsys Pvt. Ltd, deals in compliance management software for corporates. Its software offers features like cloud-based storage system and simple user interface, it claims.
More companies are seeing value in investing in compliance programmes because these programmes not only reduce regulatory risk but enable an organisation to be ready for growth. LexComply is a tailored compliance programme based on location, HR constituents and business process, said Jain.
Jain founded LexComply in 2015, which now has a team of more than 30 professionals. Jain has over 12 years of expertise in corporate law compliance and due diligence, among others. He is also director at RSJ Professionals Pvt. Ltd. He is a fellow member of Institute of Company Secretaries of India (ICSI) and has a bachelors degree in law.
Relan has prolonged experience in private equity investing in India, first as head of Citi Venture Capital International, and then as founder of CX Capital. CX Capital had raised its first fund worth $515 million in 2010, after navigating a tough market environment following the 2008 financial crisis.
In April last year, Delhi-based education-focused computer games developer Nayi Disha Studios Pvt Ltd raised Rs 2 crore ($320,000) in seed funding from Ajay Relan.