FightRight Technologies, a legaltech start-up that leverages AI and ML-backed analytics to fund commercial litigations, has launched a Rs 100 crore fund aimed at high net worth (HNIs) individuals looking for alternative investment avenues.
The fund, a special purpose vehicle (SPV), will invest in 15-20 commercial cases with an average ticket size of Rs 5-7 crore for a tenure of 2-3 years. The fund will allow investors, especially HNIs, to invest in these litigation cases where the annualised return on investment (ROI) is expected to be upwards of 30 per cent.
Founded in 2020 by Nitin Jain and Vishal Mangal, Kolkata-based FightRight’s proprietary AI and ML technology provides comprehensive litigation analytics, enabling the company to analyse and evaluate litigation risks and opportunities.
The start-up is also able to take informed decisions about which commercial claims to fund, maximising the chances of success both for the company and its clients. The venture has already funded claims worth Rs 250 crore in the current fiscal.
“We have seen a significant increase in demand for litigation funding, and our proprietary AI and ML-backed technology gives us a definitive edge in this space. We are confident that our unique approach will provide our clients with the resources they need to pursue and win their claims successfully,” said Jain, Founder & CEO.
After establishing its presence in Kolkata, the company has already established its Bengaluru office and is now expanding its physical touchpoints to Delhi NCR and Mumbai in the next few months.
The start-ups litigation funding model provides clients with funding to cover litigation costs, including legal fees, court costs, and other expenses.
The company undertakes the risk associated with the litigation and only recovers its investment if the claim is successful. This model allows clients to pursue their claims without the financial burden that the litigation process entails and provides them with the resources needed to achieve a successful outcome.
“Our mission is to provide access to justice and level the playing field for clients who may not have the financial resources to pursue their claims. We remain committed to providing more claimants with the resources they need to succeed,” said Mangal, Co-founder & COO.
Meanwhile, the SPV that went live earlier this month has already received 100 per cent of the commitment, said Jain. The start-up targets mid-market companies, including MSMEs (micro, small and medium enterprises), and individuals having any kind of commercial dispute and requiring funding for litigation up to Rs 1 crore.