LegalPay raises fund from Hedonova as part of pre-Series A round

  • LegalPay had raised pre-Series A funding in December from marquee investors Venture Catalysts and Amity Technology Incubator along with participation from existing investors

Livemint
First Published2 Feb 2022, 04:13 PM IST
LegalPay, which was founded in 2020, has so far launched two sector-based Interim Finance SPV. Photo: iStockphoto
LegalPay, which was founded in 2020, has so far launched two sector-based Interim Finance SPV. Photo: iStockphoto

LegalPay, an alternative-investments platform specializing in insolvency, legal and debt financing within insolvency, has raised an undisclosed amount from US-based Hedonova as part of its pre-series A funding round.

The company had raised pre-Series A funding in December from marquee investors Venture Catalysts and Amity Technology Incubator along with participation from existing investors, including the family office of Ashwini Kakkar, former head of Thomas Cook and co-founder and chairman of via.com; venture capital fund 9unicorns and other marquee angels including LetsVenture.

Hedonova is a US-based alternative-investment hedge fund that invests in multiple asset classes such as art, unicorn startups, wine, equipment finance, ligation finance, music, and a few more.

“The Fed's interest rate hikes coupled with frothy emerging market valuations are going to attract institutional capital back to the US leading to underperforming equity markets. India's high savings rate is rapidly being mobilized into financial assets and alternative assets are gaining momentum. LegalPay's team has the required professional experience, high strength of character, and the drive to capture the alternative investment market in India. We have invested in their pre-series A and plan to keep backing the team in follow-on rounds as well,” said Suman Banerjee, founder and chief investment officer, Hedonova.

LegalPay, which was founded in 2020, has so far launched two sector-based Interim Finance SPV — real-estate focused Interim Finance SPV under IBC, 2016 with ticket size as low as 10,000 and a healthcare-focused SPV that was subscribed 135% in less than 48 hours. Interim finance is a short-term super-secure loan that allows an insolvent company to remain operational when it is undergoing the Corporate Insolvency Resolution Process (CIRP). It targets mid-market companies including MSMEs undergoing insolvencies that have a requirement of Rs10 lakh- 5 crore. The company competes with restructuring giants such as Edelweiss, KKR, Eight Capital.

“We appreciate the commendable strength and vison of Hedonova in international alternative investment space. The deep-expertise that Hedonova brings on the table for massive 12+ asset classes is something we look forward to partner and grow together at exponential pace. We are aggressively growing in the Indian market and such strategic partnerships will not only fuel our growth at a faster pace but also provide investors with more opportunities to invest,” said Kundan Shahi, founder and CEO, LegalPay.

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.MoreLess
First Published:2 Feb 2022, 04:13 PM IST
HomeCompaniesStart-upsLegalPay raises fund from Hedonova as part of pre-Series A round

Most Active Stocks

Tata Steel

167.05
03:57 PM | 16 JUL 2024
0.25 (0.15%)

Oil & Natural Gas Corporation

322.40
03:58 PM | 16 JUL 2024
-0.15 (-0.05%)

Bandhan Bank

198.30
03:41 PM | 16 JUL 2024
2.95 (1.51%)

Coal India

512.35
03:59 PM | 16 JUL 2024
14.4 (2.89%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Natco Pharma

1,281.05
03:59 PM | 16 JUL 2024
73.2 (6.06%)

Century Textiles & Industries

2,217.55
03:48 PM | 16 JUL 2024
116.85 (5.56%)

Tata Teleservices Maharashtra

81.33
03:54 PM | 16 JUL 2024
4.23 (5.49%)

India Cements

323.05
03:55 PM | 16 JUL 2024
15.8 (5.14%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    75,246.00928.00
    Chennai
    75,099.00344.00
    Delhi
    74,806.00-460.00
    Kolkata
    75,466.00419.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.76/L0.00
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsCibilPremiumMint Shorts