LegalPay, a country's leading legal and insolvency financing company, has partnered with Surat-based solar manufacturing business Goldi Solar to launch Padmalaya Finserve, a non-banking financial company NBFC focused on legal and insolvency financing.
The NBFC plans to disburse 1,000 crore worth of loans aimed at legal expenses by the end of FY 24. LegalPay partners with various NBFCs to provide embedded legal financing to businesses at no cost EMIs.
The NBFC will be used to expand its closed-loop legal financing for businesses without debt or equity money, according to the Delhi-based start-up.
The businesses can pay their legal costs with a credit line of up to 50 lakh and the law firms can expand their clientele on account of the flexible payment options.
LegalPay has onboarded more than 150 law firms and 1,000 businesses on its platform.
This strategic equity acquisition in Padmalaya will help us grow our footprint in the legal, financial, and legal space. Kundan Shahi, CEO, LegalPay, was founded in 2020 and believes that this will help us bring more innovative products to the legal expense market.
Capt. Ishver Dholakiya, Founder Managing Director of Goldi Solar, said that this is a one-of-a-kind partnership aimed at revolutionizing transactions in the legal and insolvency industry. Dholakiya is also the director of a regional airline called Ventura Airconnect.
Goldi Solar is one of the leading Indian solar brands that produces panels, provides EPC services, and is also an independent power producer. Founded in 2011, it is a multinational company headquartered in Gujarat's Surat district and caters to several international brands in over 20 countries.
LegalPay is India's first litigation funding platform and provides embedded financing in the legal and insolvency market and has enabled such financing for marquee business clients and consultancy giants.