LegalPay, India’s leading legal and insolvency financier, has announced a complete operational stake in Padmalaya Finserve, India’s first legal and insolvency financing NBFC. The NBFC plans to disburse INR 1,000 crore worth of loans aimed towards legal expenses. Padmalaya Finserve is a first-of-its-kind joint venture with Goldi Solar, a Surat-based solar manufacturing business house.
This strategic alliance will bring forward the expertise and resources of both organizations and provide innovative solutions to businesses for financing legal expenses. LegalPay partners with various NBFCs to provide embedded legal financing to businesses at no-cost EMIs.
Ishver Dholakiya leads Goldi Solar, one of the top Indian solar manufacturers and a prominent name in the industry. He is also the director of a regional airline called Ventura Airconnect, which was awarded “The Most Innovative and Unique Project of the Year in Tourism” by the President of India.
Kundan Shahi, the CEO of LegalPay, said, “This strategic equity acquisition in Padmalaya will help us go a long way in increasing our footprint in the legal, financial space. This will help us bring more innovative products catering to the legal expense market. Ishver Dholakiya has immense experience and valuable insights that would help us in achieving our goals to make justice accessible and affordable for all”.
LegalPay will use this newly formed NBFC to further scale its closed-loop legal financing for businesses to pay for their legal expenses at ease without using debt or equity money. The businesses can pay their legal costs using a credit line of up to INR 50 Lakhs and consequently, the law firms get to expand their clientele attributing to the flexible payment options. Till now, LegalPay has onboarded more than 150 law firms and 1000 businesses on its platform. By FY 2024, LegalPay expects to disburse INR 1,000 crore.
Capt. Ishver Dholakiya, Founder & Managing Director of Goldi Solar, said, “We are proud to continue our innovation legacy and disruption of any industry we become a part of. This is a one-of-a-kind partnership with the vision of revolutionizing transactions in the legal and insolvency industry. LegalPay as a partner brings their sector expertise and robust tech infrastructure necessary for establishing a strong dominance in the sector.”
Founded in 2020, LegalPay is India’s first litigation funding platform. It provides embedded financing in the legal and insolvency market and has enabled such financing for marquee business clients and consultancy giants.
Goldi Solar is one of the leading Indian solar brands. The company manufactures panels, provides EPC services, and is an independent power producer. Founded in 2011, it is a multinational company headquartered in Gujarat’s Surat, catering to several international brands in over 20 countries.