To create India’s first Legal & Insolvency Financing NBFC, LegalPay and Goldi Solar Group enters into a joint venture
- ByStartupStory | January 25, 2023
A 100% operational share in Padmalaya Finserve, India’s first NBFC for legal and insolvency financing, has been declared by LegalPay, India’s biggest legal and insolvency lender. The NBFC intends to make loans totaling INR 1,000 crore to cover legal costs.
Padmalaya Finserve is a groundbreaking joint venture with Goldi Solar, a solar manufacturing company situated in Surat and supported by the illustrious Dholakiya family.
Through this strategic partnership, both organisations’ knowledge and resources will be combined to provide businesses creative ways to pay for legal bills.
LegalPay collaborates with a number of NBFCs to offer businesses embedded legal finance through free EMIs.
One of the leading Indian solar producers and a well-known figure in the sector, Ishver Dholakiya is the head of Goldi Solar. He also serves as the director of Ventura Airconnect, a regional carrier that the President of India named “The Most Innovative and Unique Project of the Year in Tourism.”
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”.
In order to help firms easily cover their legal bills without resorting to debt or equity financing, LegalPay will use this newly established NBFC to scale up its closed-loop legal financing programme. Businesses can use a credit line of up to INR 50 lakhs to cover their legal expenses, and as a result, law firms get more clients thanks to the flexible payment alternatives. More than 150 legal firms and 1000 businesses have joined LegalPay’s platform so far. LegalPay anticipates paying out INR 1,000 crore by FY 2024.
Capt. Ishver Dholakiya, Founder & Managing Director of Goldi Solar, said, “We are proud to continue our innovation legacy and disruption of any industry we become a part of. 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.”
LegalPay, India’s first litigation funding platform, was founded in 2020. It offers embedded financing in the legal and insolvency markets and has facilitated such funding for high-profile business clients and consulting firms.
Goldi Solar is a well-known Indian solar brand. The firm manufactures panels, offers EPC services, and operates as an independent power producer. It is a worldwide firm headquartered in Surat, Gujarat, that caters to various international brands in over 20 countries.
LegalPay funds legal disputes in India that are nearing the end of the judgement process in arbitration tribunals and civil courts. LegalPay is reshaping the legal ecosystem to create a level playing field for all stakeholders. LegalPay’s primary focus is B2B commercial cases in which startups and businesses can outsource the financial burden of litigation to LegalPay. Such cash might be used to complete purchase orders as well as for general company expansion. The most pressing question in your thoughts will be how you can invest in it. As a result, the procedure is straightforward. Kundan Shahi, the founder of LegalPay, describes the SPV as a pool fund for which money will be generated from ordinary investors. The money will then be used to support a dozen such legal/interim finance cases, and the companies that LegalPay will fund will set the terms and circumstances of his return from them. Small contributions of up to Rs 25,000 can be placed in the lawsuit pool, while investors can contribute as little as Rs 10,000 in the interim finance pool, both of which are mentioned on their website (www.legalpay.in).
Follow Startup Story
Related Posts
