Litigation financier LegalPay has raised an undisclosed funding in its seed round led by 9Unicorns, accelerator VC.
The round also saw participation from investment platform LetsVenture, angel investors including founder of Knowlarity and founder of PE-fund Basis Vectors – Ambarish Gupta.
Kundan Shahi, CEO of LegalPay, stated, “Litigation finance promotes lawsuits to be decided purely on their merits. Simultaneously, it is also creating an alternative investment asset class for Indian investors with an opportunity to realize significant returns through litigation finance. We are delighted that our current investors have placed their trust in the vision of our company.”
“This fundraise is a validation of growing interest in this asset class. We believe that with the constant support of our investors, we will be able to change the role of third-party legal financing in India in the years to come,” he further said.
Anuj Golecha, Co-founder of 9unicorns, added, “While litigation finance has been in practice since 1870, LegalPay is trying to organise the litigation financing sector by giving access to curated deals to the existing litigation financiers. It has been structured in such a fashion that even at a 17 percent success rate, investors can secure their invested amount. This can be a lucrative alternative-investment asset class, for the Indian investors, returns of which are not correlated to market performance.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.