LegalPay, an alternative-investments platform specialising in insolvency, legal, and debt financing within insolvency, has raised an undisclosed amount from US-based Hedonova.
In December, the company received pre-Series A funding from prominent investors Venture Catalysts and Amity Technology Incubator, as well as participation from existing investors such as Ashwini Kakkar’s family office, the former head of Thomas Cook and co-founder and chairman of via.com; venture capital fund 9unicorns; and other marquee angels such as LetsVenture.
Hedonova is a hedge fund based in the United States that invests in a variety of asset classes, including art, unicorn startups, wine, equipment finance, ligation finance, music, and a few others.
“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 SPVs: a real-estate focused SPV under IBC, 2016 with ticket sizes as low as $10,000 and a healthcare-focused SPV that was subscribed 135 percent in less than 48 hours. Interim finance is a short-term, super-secure loan that allows a bankrupt company to continue operating while it goes through the insolvency process (CIRP). It is aimed at mid-market companies, such as MSMEs in insolvency, with a requirement of Rs10 lakh to Rs5 crore. Edelweiss, KKR, and Eight Capital are among the largest restructuring firms in the world.
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