Until recently, it was rare to hear of a digital consumer product from India making it big globally. Now that is beginning to change. If Nischal Shetty’s JustUnfollow which hit 5 million users is one, here’s another upcoming startup: SignEasy, a startup which lets consumers sign documents digitally has hit 1.7 million downloads with over 60,000 paying customers!
SignEasy was born in 2009, when Sunil Patro, a former IIT student and Microsoft employee realized that he’d wasted a lot of his time during a vacation hunting for a printer and fax to send a signed document. He wondered whether an app could be made to sign documents on-the-go and decided to build one himself.
Ranked one among 25 business apps in the UK, US and Canada, SignEasy allows people to sign and send documents from any place in the world. All a person has to do to sign a document, is import the document to be signed from cloud storage, sign it and send the signed document by e-mail.
The document can be signed by 3 users on the whole, including the account holder. In addition to the signature, other details like date, time, text or image can be added to it. SignEasy also allows users’ signatures to be protected by a passcode.
The product is available on various cloud services like DropBox, Google Drive, Evernote and AppSense and is available under three pricing strategies – free, premium and pay-as-you-go.
SignEasy says that apart from saving time, digital signatures also lessen the costs associated with physical signatures. According to the company, digital signatures save 80% of the costs involved in physical signatures, and also provide a faster turnaround time. Companies like Sotheby’s, the Climate Corporation and Chiba University among others have signed up for SignEasy.
According to a study conducted by the company, the estimated value of businesses that will go paperless is $25 billion, and this is what they’re looking to capitalise on. SignEasy has had 1,500 paid customers every month and 1.5 million documents that have been processed in 2013. The company’s revenues have grown 200% YoY since 2012. In the near term, the company foresees SignEasy being used when any contract, agreement or paperwork is being signed.
SignEasy has tough competitors like DocuSign, a Google Ventures backed company for digital signatures and YCombinator backed HelloSign. DocuSign, which raised $8.1 mn from Google’s venture capital arm in a Series D round which totalled $55.7 mn had nearly 20 mn users and 150 mn signed documents in August 2012.