Delhi NCR-based LegalPay, a legal and insolvency financier, has launched the country’s first-of-its-kind equity fund Justice and Inclusion (JAI) Fund. The $2 million (approximately) worth fund would invest in emerging legaltech companies and startups working towards financial inclusion.
Through this fund, LegalPay will invest Rs 25 lakh- Rs 50 lakh each in over 30 startups in the next two years. The fund will promote justice, entrepreneurship, and legal innovation.
Founded by Kundan Shahi, LegalPay is a tech-focused litigation finance platform that democratizes investment in alternative-investment products in the legal domain, including insolvency financing and litigation funding. The New Delhi-based fintech startup specializes in asset-backed fixed-income and legal financing products with lucrative IRRs ranging from 18% to 30%.
The legaltech space in India has witnessed a significant interest from investors in this year. In February, dispute resolution platform Presolv360’s raised a million USD in seed round while LegitQuest’s pre-Series A round in August. Last year, Wakilsearch nabbed one of the largest funding rounds in the space and also facilitated exit for its early backer Kalaari Capital.