Cubictree on revolutionizing LegalTech with AI and Innovation

In this exclusive interview, Hitesh Jirawla, Founder & CEO of Cubictree, sheds light on how the company is revolutionizing the LegalTech space in India with AI-driven platforms and data analytics solutions. With a strong focus on BFSI and legal ecosystems, Cubictree is setting new standards in digital transformation, predictive AI, and NPA management. Jirawla shares insights into the company’s growth, its unique value proposition, and strategic plans for expansion into global markets while shaping the evolving LegalTech landscape in India.

DQ: How does Cubictree differentiate itself from other LegalTech platforms in terms of innovation and value proposition?

Cubictree stands out as an innovator in the LegalTech space with its AI-driven digital transformation platforms and data analytics products specifically designed for BFSI and LegalTech sectors. With 15 years of deep expertise in the legal ecosystem, Cubictree continues to provide unparalleled value, particularly in BFSI, while also expanding into corporate and large consulting spaces.

The scale and reach of Cubictree’s platforms are unmatched, making it the first and largest LegalTech company in India. The platform serves over 450 large enterprises and firms across India and Southeast Asia. Cubictree hosts the world’s largest litigation data lake, comprising over 4.5 billion records, with an additional 1 million records added daily.

Another key differentiator is Cubictree's proprietary property data repository, which spans 3 million addresses across India and has been consistently built over the last nine years. Leveraging four proprietary AI models, the platform assists enterprises by managing INR 3.8 lakh crore worth of default accounts annually and providing predictive risk assessments for loans worth INR 2 lakh crore through property and litigation risk reports.

User engagement is also significant, with over 2,00,000 active users spending a total of 2 crore minutes annually on the platform. More than 5,000 lawyers and law firms actively rely on Cubictree, demonstrating widespread trust and user satisfaction in the LegalTech space.

DQ: With LegalTech gaining traction globally, how do you plan to tap into international markets and expand beyond BFSI?

While India remains a significant market for Cubictree, with a strong presence in the BFSI sector, the company is actively expanding into the broader legal ecosystem by targeting corporates and large consulting firms. Recognizing the immense potential in global markets, Cubictree is currently in the process of testing a few international markets with its existing products.

This phase involves identifying a strong market fit to ensure that Cubictree’s solutions align with the specific needs of each market. Once the initial traction builds up, the next step will involve setting up dedicated teams in key international regions to drive expansion. By continuously refining products and gaining a deeper understanding of unique market requirements, Cubictree aims to establish a firm presence in the global LegalTech landscape.

DQ: What predictive AI capabilities does the platform provide to help users anticipate legal risks or outcomes effectively?

Cubictree’s platform offers advanced predictive AI capabilities through its four proprietary AI models, addressing multiple use cases to help enterprises navigate legal complexities. Two standout use cases include:

1. Transforming Debt Recovery with Cubictree AI: The AI assists legal teams in categorizing default accounts and determining the appropriate recovery actions. It considers various parameters and the customer’s past history to streamline the debt recovery process until full resolution is achieved.

2. Cubictree AI: Legal Search – Finding the Needle in a Haystack: With 10 million+ daily case hearings and an equally large number of new filings and disposals, identifying relevant cases is an immense challenge. Cubictree’s AI algorithms address issues such as variations in terminology (e.g., “Finance,” “Fenance,” “Phayans,” etc.) to ensure accurate case identification. The platform also provides automated updates, summarizes legal judgments and orders from pan-India courts, and creates ready playbooks for legal actions, significantly enhancing efficiency.

DQ: What are the key challenges in managing and recovering NPAs, and how does Cubictree’s platform address these effectively?

Managing and recovering NPAs is challenging due to the intricate legal processes and the need for seamless integration with banking systems. Effective NPA recovery requires creating a unified, frictionless, and paperless process that covers every stage, from legal notices to arbitration.

Cubictree’s platform addresses these challenges by automating critical workflows and integrating seamlessly with banking systems. It offers end-to-end support for processes such as SARFAESI, Section 138, Lok Adalat, and arbitration, while providing direct online court updates and real-time monitoring at a pan-India level.

The platform’s depth and scale are evident through the following achievements:

• 100+ system integrations enabling seamless operations for customers.
• Management of INR 3.8 lakh crore worth of default accounts annually.
• Generation of 1.2 crore legal notices annually.
• 1 crore minutes spent by users on the platform each year.
  Additionally, Cubictree is an RBI-approved platform, ensuring compliance and reliability for BFSI customers.

DQ: What has driven the 80% plus growth in the past four years, and how do you plan to sustain this trajectory?

Cubictree’s impressive 80%+ growth over the last four years stems from its continuous innovation in the LegalTech space. This growth is driven by three key factors:

• Digital Transformation: Streamlining manual legal and BFSI processes into seamless digital workflows.
• AI-enabled Insights: Providing AI-driven analytics, search capabilities, and legal research solutions.
• Alternate Data Solutions: Leveraging property data for mortgage assessments and risk evaluations.

To sustain this growth, Cubictree is prioritizing customer-centric development by identifying client pain points and building tailored products. The company also focuses on leveraging emerging technologies to enhance its offerings and onboarding new clients across different verticals.

DQ: With a goal of achieving INR 100 crore in revenues in the next five years, what are the key strategic initiatives to meet this target?

Cubictree is on track to achieve its INR 100 crore revenue goal within three years, thanks to a robust strategy focused on maximizing customer value and expanding market penetration.

The growth strategy is twofold:

1. Deepening Customer Engagement: By increasing wallet share from existing customers, Cubictree ensures continuous value delivery. For example, wallet share with key customers has grown from INR 10 lakh per annum to INR 10 crore, demonstrating the effectiveness of this approach.
2. Onboarding New Customers: Cubictree aims to replicate its success with existing clients by acquiring new customers across industries and verticals.

By focusing on these initiatives, Cubictree will continue to scale its operations and achieve its ambitious revenue targets.

DQ: How do you see the LegalTech market in India evolving, and what role will Cubictree play in shaping this transformation?

The LegalTech market in India is poised for significant growth, driven by the increasing adoption of AI, machine learning, and digital transformation in legal services. As technology penetrates deeper into various sectors, the legal industry is following suit, transitioning from manual processes to digital-first solutions.

Cubictree, as a market leader in India’s LegalTech space, is at the forefront of this transformation. By driving innovation, enhancing user experience, and expanding its reach, Cubictree aims to play a pivotal role in shaping the future of LegalTech. The company’s commitment to leveraging AI and delivering data-driven insights will continue to help enterprises, BFSI players, and corporates navigate complex legal processes effectively.