Litigation funding startup LegalPay invests in NBFC Padmalaya Finserve

Delhi-based third-party litigation funding startup LegalPay has acquired a minority stake in Gujarat-based non-banking finance company (NBFC) Padmalaya Finserve. Padmalaya Finserve is owned by Goldi Solar, a Surat-based solar manufacturing business house backed by the diamantaire Dholakiya family-promoted SRK Group. The NBFC aims to disburse about INR 1,000 crore in loans towards legal expenses as well as interim finance to the companies undergoing Corporate Insolvency Resolution Process (CIRP).