LegalPay a tech-based litigation financier has secured an undisclosed seed funding round led by accelerator VC and 9Unicorns to capitalize on the $20 billion legal expense market in India. Early-stage investment company LetsVenture also participated in this round of funding along with marquee angel investors like Ambarish Gupta, Founder of PE-fund Basis Vectors, and Founder of Knowlarity, etc. With the pandemic adversely impacting business, litigation cases are on the rise. Taking this in regard, the company plans to deploy Rs 100 crore in the next two years on cases that are in their late stage.
Founded by Kundan Shahi in 2020, LegalPay is a third-party finance litigation portal that helps entities ease the financial burden of litigation cases like IPR related disputes and shareholder issues. Such cases are filtered with the help of technology from the websites of Indian courts. It focuses mostly on late-stage cases or those that are nearing closure with a financial requirement of anything ranging from Rs 20 lakh to Rs 3.5 crore. Besides, cases should have strong legal merit, a high-performing legal team, and clarity on the settlement timeline.