During what is now called the fundraising-winter for the startup ecosystem, Bengaluru-based Synup made quite the splash for partnering with Vertex Ventures and Prime Ventures, raising $6 million in series A funding. A solution aimed at marketers, Synup helps companies track how their brand is doing online. It monitors the company’s mentions in places such as review sites, directories, and social networks, syncs address information and analyzes traffic and conversion rates.
As Synup approached its final stages of closing the round, Ashwin Ramesh, the CEO and founder found himself deep in paperwork – term sheets, engagement letters and shareholder agreements to name a few – on a regular basis. This was a marked difference for the company in that they didn’t encounter a lot of paperwork regularly, save offer letters to candidates. So at this point, they were still relying on the traditional way of getting documents signed.
This involved printing out the required documents, Ashwin signing them in the necessary places, mailing it through FedEx to concerned stakeholders, them signing it and mailing it back and then finally, scanning and storing it. Ashwin quickly identified that this wasn’t a scalable or efficient solution for Synup any longer.
“Paperwork gets very complicated when there are multiple stakeholders involved”, began Ashwin when I met him at the Synup office on a Wednesday afternoon. “From term sheets to closure, it took us about 4 months to complete everything and I was coordinating with stakeholders in 5 different time zones – it was a nightmare!”
Adding to this was the challenge of accuracy – with more than 30-40 sheets of paper for each document, a missing sheet or a signature meant they had to repeat the entire process. Soon, he found himself looking for solutions that would make collecting signatures painless and SignEasy emerged as the best fit
“The fact that SignEasy wasn’t cluttered with confusing features stood out for me. Everything a small business needs, SignEasy has at an affordable price point.”, said Ashwin.
The difference was immediate. The ability to request a signature through email became Ashwin’s favorite feature since the signer on the other end didn’t need the app to sign the document. The Document fields feature enabled him to mark down exact places where the signatures were required, thus guiding the signers. This avoided any missed signatures or details.
The result? The turnaround time to get a document signed and complete became 9x faster!
The system was so seamless and convenient that most of Synup’s current paperwork happens through SignEasy. Even the offer letters they roll out to candidates now happen through SignEasy.
“Earlier, it used to take about 24 hours for us to get an offer letter signed. With SignEasy, the candidates can pick the date of joining themselves, and we get the document signed within an hour!”, said Ashwin.