Litigation funding firm LegalPay closes interim financing bond of Rs 12 crore
legal technology startup LegalPay has closed a Rs 12 crore interim financing bond.
The investment instrument in the fixed income category was launched in January and reported a coupon rate of 14% compounding annually.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Digital TransformationVisitNorthwestern UniversityKellogg Post Graduate Certificate in Digital MarketingVisitNorthwestern UniversityKellogg Post Graduate Certificate in Product ManagementVisitIndian School of BusinessISB Digital Marketing and AnalyticsVisit“We are proud to have successfully closed our Interim Financing Bonds, but our true pride lies in the impact we create in the legal & insolvency ecosystem and the value we create for our investors and our clients. We are here to alleviate financial burdens, mitigate risks, and ensure that justice prevails,” said Kundan Shahi, founder and chief executive of LegalPay.
When launching an instrument, the firm said that retail investors can invest through its platform with a minimum investment of Rs 10,000 and earn high-yielding returns.
The tech-based fintech firm, which also invests in commercial litigations and insolvent companies, said that the first-of-its-kind bonds are fixed-income instruments to finance the companies' expenses undergoing Corporate Insolvency Resolution Process (CIRP).
The funds raised through this initiative have been strategically employed to support Lavasa Corporation, a prominent player in the infrastructure sector.
The Mumbai bench of the National Company Law Tribunal (NCLT) approved the resolution plan of Darwin Platform Infrastructure (DPIL), which offered Rs 1,814 crore to the creditors and homebuyers of Lavasa.
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