News Update
Legalpay- Naples Global float $5 million fund to protect disgruntled Indian founders
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ByStartupStory | April 19, 2022
Florida-based hedge fund Naples Global joined hands with India’s litigation and interim finance provider, Legalpay, to launch a $5 million fund (INR 37 Cr). The aim of the fund is to protect the aggrieved Indian founders, who are at legal crossroads with the investors of their company.
It also aims to swell the exposure of the Indian founders, who are looking out to fight their litigation and arbitration.
The vision of the fund is to protect the rights of the first generation entrepreneurs operating small companies, who get into disputes with the company’s board and couldn’t fight a fair, legal battle against the investors, due to lack of financial backing.
Set up in 2019 by Kundan Shah, Legalpay provides non-recourse funding in commercial legal claims. The litigant pays only if the claim is successfully realized. It includes Hedonova, 9Unicorns, LetsVenture, Venture Catalysts and Amity Innovation Incubator, among others, as its investors.
The US-based hedge fund is also aiming to expand its asset allocation, as the fund grows its business and services into new international markets.
The hedge fund comes against the backdrop of two high profile cases in the Indian start-up system, involving Bharat Pe’s Ashneer Grover and Zilingo’s Ankiti Bose, where founders had to step down from their positions.
Legalpay- Naples Global’s $5 million hedge fund has a ticket size between INR 10 Lakh and INR 5 Cr and will cover entire litigation expenses.
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