Indian Government is encouraging startups and entrepreneurs like no other country. Policies have been drafted to make functioning of startups in India smooth and hassle free. Taxation and other benefits have been given to Indian startups, especially if they have been approved by Department for Promotion of Industry and Internal Trade (DPIIT). We are happy to share that TeleLaw Private Limited is a recognised startup by both DPIIT and MeitY Startup Hub. So if you are an Indian Government/SEBI accredited investor, you would not be liable to “Angel Tax” if you invest in the highly profitable and very promising legal tech projects of TeleLaw Company.
So both legal and policy measures have already been taken care of by TeleLaw Company and with this in mind we have decided to explore the next level of growth and expansion of TeleLaw Company in legal tech and tech law fields. Although TeleLaw Company is a recently incorporated company yet the techno legal projects managed by it and PTLB Projects LLP (another DPIIT recognised startup) are managed by us for more than a decade. For instance, we have been dealing in online dispute resolution (ODR), e-courts, online tech law and legal tech skills development, etc since 2006. So we are well aware of the legalities and technicalities of legal tech and tech law. That is why our portal is covering techno legal services in fields like Artificial Intelligence, IoT, Machine Learning, Cyber Law, Cyber Security, Cyber Forensics, E-Discovery, Cloud Computing, Privacy and Data Protection, Civil Liberties Protection in Cyberspace, etc.
As for any expansion and growth, even legal tech and tech law projects of TeleLaw need capital. We believe that besides market growth a startup must also focus upon getting profitable. The profitability may be modest but the startup must not be in loss even if it is not profitable. So the focus of TeleLaw is, and would always remain, on profitability cum market share instead of market share cum profitability. If this is the scenario, all investments in TeleLaw legal tech company would provide good return on investment.
As we can see Indian investors are not very enthusiastic about legal tech but foreign investors are investing heavily in legal tech fields. It would be a waste of golden opportunity if Indian investors stay away from investing in Indian legal tech companies like TeleLaw. In their absence, foreign investors would invest in such companies and a crucial opportunity would be lost. Indian investors must invest in diversified fields like education, agriculture, financial tech, legal tech, etc and their portfolio must have investment in diverse range of Indian companies. At Perry4Law Organisation (P4LO) we have diverse range of Techno Legal Projects and we look forward to Indian investors to carry forward our journey together.
Startups in India can not only create wealth for Indian economy but they can also generate employment for many people. But in order to do that they need funding from both government and private sources. However, getting capital or funding from PSU banks or government portals is next to impossible. They are not user friendly and there is no support system to help startups getting the funding. Out government must either make these portals effective or outsource their works to private companies who can manage them in a professional and user friendly manner. SIDBI and RBI are also required to take these issues seriously and if PSU banks cannot deliver on time, RBI must take control of funding aspects to MSMEs, startups, priority sector lending, etc. Right now there is no loan facilities for MSMEs, startups and other segments belonging to priority sectors on ground level and in reality.
We have also provided our suggestions for enhancing ease of doing business and startup culture in India. We have also proved how Digital India is not at all implemented in Ministries like Ministry of MSME, Government of India. Even an open letter to PMO India in this regard has not yielded any result so far. So lack of funds and inefficiency in government departments/ministries/PSU banks are two of the major hurdles before Indian startups to become global brands. We hope Indian Government would remove these hurdles on priority so that the wonderful startups of India can create global impressions.