Litigation Financing Firm Legal Pay

Tech-based litigation platform, LegalPay has raised an undisclosed amount of funding round led by entrepreneur-turned-investor and by the former head of Thomas Cook, Ashwini Kakkar. One of the accelerator venture capitalist fund, 9Unicorns, has also participated in the round. The firm is planning to utilize the fresh fund to expand its products and services offering, and to enter into a new form of financing called Interim Financing under IBC, 2016.

This new round of funding comes only a month after LegalPay secured an undisclosed seed funding round led by 9Unicorns, an early-stage investment platform LetsVenture, and angel investors such as Ambarish Gupta, the Founder of New York-based PE Fund Basis Vectors, and Knowlarity.

Founded in 2020 by seasoned investor Kundan Shahi, LegalPay is basically a third-party litigation finance platform that helps entities/business corporate to ease the financial burden of litigation cases such as shareholder and IPR-related disputes. The company has also onboarded Satinder Kapur, an arbitrator and partner at SKAA, as Advisor and Empaneled Lead along with Dispute Resolution.

Kundan, Founder, and CEO of LegalPay, said, “With Interim Finance, LegalPay will use financing as similar to debtor-in-possession to invest in super-priority loans.”

LegalPay in one of the company statement, said, “It is leveraging technology to solve the problem for the mid-market insolvency market for funding requirements that start as low as INR 50 lakh. Such funding requirements are typically for short durations ranging from 6 to 18 months and are used for immediate needs such as payments to professionals, security personnel, workers, etc.

Anuj Golecha, Co-founder of 9Unicorns, said, “They see a huge market opportunity in a large untapped market in India, which is solving an important value proposition.” He further added, “We see the sector heating up in the years to come. We were strongly convinced by the founder’s vision and execution capabilities. We have shown our faith and excitement by participating in the additional round of funding and are excited to participate in the journey of this game-changing startup.”

Online Team AsiaTech
Online Team Asia Tech is a team of Journalists, Entrepreneurs, and Enthusiast Writers who contribute to the platform by bringing everyday stories, updates, opinions and insights from the Asian Startup Ecosystem.

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