Litigation funding company, LegalPay has managed claims worth $400 million since 2020 empowering over 1,000 businesses to recover their pending dues and navigate legal complexities, it said in a release.
It aims to more than double the claims under management at $1 billion and add 4000 new cases every month by the end of calendar year 2024.
The company has developed a proprietary risk assessment algorithm to ensure balanced risk management for funded cases. Additionally, its notice automation system enables the easy dispatch of up to 20,000 notices with just one click.
LegalPay recently launched QuickSettle, a complimentary service to its core litigation funding offering. The company claims that the solution will play a crucial role in helping MSMEs and SMEs streamline their collections and recovery issues.
Delhi-based start-up has recently introduced a zero-interest credit line aimed at enterprises, start-ups, individual business owners, and freelancers.
This initiative enables them to resolve legal disputes while safeguarding their working capital. It intends to distribute approximately Rs 200 crore in 2024 through its own non-banking finance company (NBFC), Padmalaya Finserve, as well as other partner NBFCs.
