LegalPay, a tech-driven alternative investments platform in India, announced on Wednesday that it has raised an undisclosed amount from US-based hedge fund Hedonova.

Founded in 2020, LegalPay specialises in insolvency, legal and debt financing within insolvency.

The latest investment is an extension to LegalPay’s pre-Series A round in December last year, which was led by Venture Catalysts and Amity Technology Incubator.

Hedonova is an alternative investment hedge fund that invests in multiple asset classes such as art, unicorn start-ups, wine, equipment finance, ligation finance and music, among others.

Suman Banerjee, the founder and Chief Investment Officer of Hedonova, said, “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 mobilised 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 Banerjee.

LegalPay’s founder and CEO, Kundan Shahi, added, “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.”

It has so far launched a real-estate focused interim finance SPV under IBC 2016, with ticket size as low as ₹10,000, and a healthcare-focused SPV, which was subscribed 135 per cent in less than 48 hours.

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