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LegalPay Enters Into a Joint Venture With Goldi Solar Group

LegalPay will disburse over Rs 1,000 crore by the financial year 2024

LegalPay Enters Into a Joint Venture With Goldi Solar Group
POSTED ON January 24, 2023 5:44 PM

LegalPay has announced a complete operational stake in Padmalaya Finserve, a legal and insolvency financing non banking financial company (NBFC). The NBFC plans to disburse Rs 1,000 crore worth of loans aimed toward legal expenses. 

Padmalaya Finserve is a joint venture with Goldi Solar, a Surat-based solar manufacturing business house backed by SRK Group.

This strategic alliance will bring forward the expertise and resources of both organisations 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 equated monthly installments (EMIs).

“This strategic equity acquisition in Padmalaya will help us go a long way in increasing our footprint in the legal and financial space. This will help us bring more innovative products catering to the legal expense market," said Kundan Shahi, chief executive officer (CEO) of LegalPay.

LegalPay aims to 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 Rs 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 the financial year 2023-23 (FY24), LegalPay expects to disburse Rs 1,000 crore.

"We are proud to continue our innovation legacy and disruption of any industry we become a part of. This is a partnership with the vision of revolutionising 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," said Ishver Dholakiya, founder and managing director of Goldi Solar.

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 an Indian solar brand. The company manufactures panels, provides EPC services, and is an independent power producer. Founded in 2011, it is headquartered in Gujarat's Surat, catering to several international brands in over 20 countries.

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