Webnyay Raises Undisclosed Amount In Seed Round Led By Inflection Point Ventures’
Online dispute resolution and grievance redressal platform Webnyay raised an undisclosed amount, in its Seed Round led by infection Point Ventures, with participation from SucSEED Innovation Fund.
The funds raised will be utilized towards scaling up the products, building AI, machine learning, and NLP capabilities, strengthening the security of the platform and enhancing the capability for resolving disputes in open networks like the Account Aggregator, ONDC, and OCEN networks. Additionally, Webnyay will develop a go-to-market strategy.
Founded in 2020 by Vishwam Jindal, who brings in over 9 years of experience in dispute resolution, public policy, white collar investigations, and sanctions work, along with Ishita Jindal with over 6 years of work experience in product design and management.
Vinay Bansal, Founder, and CEO, of Inflection Point Ventures, says, “Tech startups in the last decade have demonstrated how technology can be used to solve real problems from cab-hailing to grocery delivery within minutes. Judiciary in India too leveraged tech from the start of the pandemic to deliver justice. The comfort and trust to use tech-enabled platforms for Dispute Resolution remain an untapped market largely because of obvious challenges. Webnyay is making a bold move in this segment as a pioneering legal tech platform built in India that has global relevance in Grievance Redressal and Dispute Resolution. As a believer in backing great companies with great founders, Webnyay delivers on this parameter for IPV.”
Webnyay has developed an easy-to-use technology system for grievance redressal and dispute resolution. Webnyay has proprietary technology that allows users to draft legal documents for arbitration without an advocate or external legal help. It is available in multiple languages and has been used to resolve grievances and disputes in numerous sectors including media and entertainment, banking and fintech, healthcare, and eCommerce.
Among other features, Webnyay has developed a document management system tailored for lawyers, automated creation of electronic hearing bundles in document-heavy and complex disputes as well as a sophisticated messaging and video conferencing solution that supports online (and hybrid) court and redressal proceedings. Businesses, lawyers, and arbitrators from numerous countries have used the platform for managing disputes and conducting their arbitration and mediation proceedings. Its users include retired Chief Justice of India, former Supreme Court judges, and arbitrators from across the world.
Vishwam Jindal, Co-founder, and CEO, of Webnyay, says, “We are building the justice delivery ecosystem for the internet. We want to help businesses and Government bodies resolve grievances and disputes in a speedy and cost-effective manner. Our mission is to use technology to increase access to justice and enable ease of doing business. We are building AI and machine learning algorithms for faster and automated resolution of grievances and disputes.”
In India alone, dispute resolution costs result in losses of over $56 billion every year. The technology provided by Webnyay can help optimize timelines and processes for resolving disputes, which is an untapped challenge. Numerous Indian businesses rely on Webnyay’s technology to resolve grievances and disputes, and this has resulted in massive savings of time and costs.
