LegalPay, a legal and insolvency financier, has announced a complete operational stake in Padmalaya Finserve, India’s first legal and insolvency financing NBFC. The NBFC plans to disburse Rs 1,000 crore worth of loans aimed towards legal expenses.
Padmalaya Finserve is a first-of-its-kind joint venture with Goldi Solar, a Surat-based solar manufacturing business house, one of the most prominent diamond merchants in India.
This strategic alliance will bring forward the expertise and resources of both organisations and provide innovative solutions to businesses for financing legal expenses. LegalPay partners with various NBFCs to provide embedded legal financing tobusinesses at no-cost EMIs.
Kundan Shahi, the CEO of LegalPay, said, “This strategic equity acquisition in Padmalaya will help us go a long way in increasing our footprint in the legal, financial space. This will help us bring more innovative products catering to the legal expense market. Ishver Dholakiya has immense experience and valuable insights that would help us in achieving our goals to make justice accessible and affordable for all”.
LegalPay will use this newly formed NBFC to further scale its closed-loop legal financing for businesses to pay for their legal expenses at ease without using debt or equity money. The businesses can pay their legal costs using a credit line of up to Rs 50 Lakhs and consequently, the law firms get to expand their clientele attributing to the flexible payment options. Till now, LegalPay has onboarded more than 150 law firms and 1000 businesses on its platform. By FY 2024, LegalPay expects to disburse Rs 1,000 crore.
Founded in 2020, LegalPay is India’s first litigation funding platform. It provides embedded financing in the legal and insolvency market and has enabled such financing for marquee business clients and consultancy giants.
Capt. Ishver Dholakiya, Founder and Managing Director of Goldi Solar, said, " This is a one-of-a-kind partnership with the vision of revolutionizing transactions in the legal and insolvency industry. LegalPay as a partner brings their sector expertise and robust tech infrastructure necessary for establishing a strong dominance in the sector."