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LPO UnitedLex co-founder sells share to VCs with Amarchand, IndusLaw for $16m

Induslaw clients Helion Venture Partners, Canaan Partners and Sequoia Capital have bought an 18.1 per cent stake in legal process outsourcing (LPO) company UnitedLex for $16m (Rs 73 crore) by acquiring co-founder Ajay Agrawal’s share, who had drafted in Amarchand Mangaldas.

Induslaw partner Suneeth Katarki along with associates Abhinandan Sen and Lakshmi Manjunath represented all three venture capital (VC) firms.

Amarchand Mangaldas’s Delhi-based partner Harry Chawla was assisted by principal associate Chandrasekhar Tampi in leading for the seller.

Agrawal who also worked as a corporate lawyer with experience in securities law has now resigned from the board of directors of UnitedLex to launch a new venture in the credit risk analytics space according to the Economic Times.

Legally India had last year reported US-based LPO LawScribe’s acquisition by UnitedLex, which has reportedly been valued at Rs 400 crore with Rs 29 crore as annual income now.

After its formation in 2006 UnitedLex raised its first round of funding from Helion Ventures in January 2007 followed by Canaan Partners joining in for further investment of $6m in 2008.

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