LegalPay, an alternative investments platform specialising in litigation financing, raised an undisclosed Pre-Series A funding led by Venture Catalysts and Amity Technology Incubator.
The round also saw participation from existing investors including family office of Ashwini Kakkar, former head of Thomas Cook and co-founder and chairman of via.com; venture capital fund 9unicorns and other marquee angels including LetsVenture.
The Delhi-based start-up democratises investment in the legal domain by pooling money and funding insolvency and litigation matters.
It specialises in fixed-income and legal financing products that are asset backed and have lucrative IRRs ranging between 18 per cent and 30 per cent.
The fintech caters to all categories of investors including retail, family offices, HNIs/ultra-HNIs, international investors and domestic NBFCs.
“We work on the global best practices and enable our investors to invest in asset classes that were previously available only to the ultra-rich,” said founder & CEO Kundan Shahi.
“While doing so, we also contribute to the economic machinery and enable justice for businesses, specifically MSMEs that form the backbone of Indian economy. One of our flagship product is interim finance under IBC 2016 that provides super secured loan to the distressed entities for short-term period,” added Shahi.
The start-up has also launched a technology product in the insolvency space to cater to the needs of all stakeholders including Resolution Professionals (RPs), banks, ARCs and other financial creditors, making the process efficient and seamless.
“The investment opportunities are listed on the platform through pre-defined thesis and the investors can expect lucrative IRRs across different categories of legal financing products, which undergo a strict and detailed risk and underwriting process. Investors experience a seamless process with complete transparency of the investment portfolio,” said Apoorva Ranjan Sharma, co-founder and president, Venture Catalysts.
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