FinTech startup LegalPay has rolled out an interim finance healthcare-focused fund for retail investors, the Economic Times reported Tuesday (Jan. 18).
The fund will be available to those willing to invest a minimum of Rs 10,000 (approximately $134) for every opportunity, in asset-backed legal and debt financing asset classes.
The report notes that interim finance is a super short-term financing, which allows for an insolvent company to remain operational even while undergoing the Corporate Insolvency Resolution Process.
LegalPay’s work targets the mid-market companies that have been undergoing insolvencies, and it competes with restructuring firms.
The New Delhi-based company has said the alternative investments in legal and debt asset classes doesn’t go along with capital markets and gives more than 20% to 30% pre-tax IRRs of monthly disbursements.
Kundan Shahi, founder and CEO of LegalPay, said the company “democratizes investments through extensive use of technology and data.”
“We want to make the use of alternative investments mainstream for retail Indian investors like the ultra-rich does,” Shahi continued. “We have a unique ability to engage in product innovation consistently and set benchmarks for wealth generation in India.”
In other FinTech news, India-based firm Slice has plans to hire 800 new employees next year. That will include canvassing its operations, design, product and engineering departments.
Read more: Indian FinTech Slice Plans to Hire 800 People Next Year To Expand BNPL, Credit Products
Founder and CEO Rajan Bajaj said the idea was to “constantly” look for new talent, whether it’s people just out of school or experienced professionals “who relate to our product and are equally enthusiastic about creating the future of payments.”
PYMNTS reported that there will be a special focus on building and growing the product, operations, design and engineering teams. The new hires will be brought in to work with the flagship card product and new United Payments Interface (UPI) integration.
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