Mumbai: Focus, it is said, is the key to a successful start-up. By that yardstick, www.takeovercode.com is well on its way to success, even if it may be seen as a niche offering.
The website, officially launched in July by Pavan Kumar Vijay, managing director of Corporate Professionals (India) Pvt. Ltd, a firm that offers legal and financial consulting to companies, aims to help companies, intermediaries and suitors navigate the complex world of Indian takeover laws at the click of a mouse.
Trendsetter: Pavan Kumar Vijay of Corporate Professionals.
“Through this online venture, we have addressed the intricacies of one law. The contradictory interpretations have been crystallized and our intellectual expertise has made innovative calculators, whereby our customers can automatically determine the compliances at different stages and prepare various disclosures and reports to be filed with the authorities,” says Vijay.
The template enables users to key in relevant information and get feedback on compliance-related issues in a printable format. Since it’s automated, the fear of unintentional non-compliance is also taken care of.
Vijay says there are 3,500 registered users on his website, which include corporate law firms, consulting firms and merchant banking entities.
According to him, legal professionals should devote 80% of their time to intellectual work and spend only 20% on procedural and manual work—whereas the existing scenario is quite the opposite. “Our model leverages IT (information technology) to reduce the procedural and manual repetitive work, and aids in preparing acquisition strategies,” says Vijay.
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The portal currently does not charge any fee. The benefits for Vijay are that it’s the showcase product of Corporate Professionals and has helped the company build traction among clients in the accounting, legal and merchant banking businesses. The parent firm posted a revenue of Rs4 crore and profit of Rs1 crore in the last fiscal, says Vijay.
On 1 April, Vijay hopes to start charging users of Takeovercode.com. “We will offer an annual package of Rs25,000, which will allow the user access to a number of services. Plus he can also pay as he uses, his cost depending on the service he avails,” says Vijay, who thinks it has the potential to be a business with Rs50 crore revenue.
Ambitious? Yes, say some. Shantanu Surpure, managing advocate at Sand Hill India Advisors, says the number of lawyers in India and the number of takeovers make for a small addressable market. A lawyer would not want to potentially compromise his client by plugging into a network, he says.
Vijay seems to recognize the risk of remaining too niche. To widen his reach beyond takeover laws, Vijay now plans to start www.incorp.in, which will provide all information relating to setting up business in India, and www.ccmonline.in, which will help Indian companies manage corporate compliance in relation to labour laws, pollution laws and the like.
In time, Vijay hopes to cover the complexities of thousands of Indian laws, and thereafter extend the service to international laws as well.