Litigation and interim finance startup LegalPay acquired a minority stake in Gujarat-based non-banking financial corporation (NBFC) Padmalaya Finserve.
According to the statement, the strategic partnership between LegalPay and Padmalaya will enable the business to provide financing for legal expenses. In accordance with the agreement, Padmalaya will disburse a credit for legal costs totaling INR 1,000 Cr. In the meantime, the acquisition will assist LegalPay in expanding the scope of its business legal financing options. Initially, LegalPay allowed companies to use a credit of up to INR 50 Lakh to cover their legal expenses. The change occurs almost a month after LegalPay launched the Justice and Inclusion (JAI) fund, a $2 million equity fund that supports legaltech startups aiming to promote financial inclusion.