New Delhi-based Webnyay, an online dispute resolution and grievance redressal platform, has raised an undisclosed amount in a seed funding round led by Inflection Point Ventures, with participation from SucSEED Innovation Fund.
Vishwam Jindal co-founded Webnyay along with Ishita Jindal in 2020. Jindal has over nine years of experience in dispute resolution, public policy, white-collar investigations, and sanctions work.
Webnyay has developed an easy-to-use technology system for grievance redressal and dispute resolution. The startup has proprietary technology that allows users to draft legal documents for arbitration without an advocate or external legal help.
With this funding, The New Delhi-based startup aims to focus on scaling up the products, building AI, machine learning, and NLP capabilities, strengthening the platform security and enhancing the capability for resolving disputes in open networks like the Account Aggregator, ONDC, and OCEN networks. Additionally, It will also develop a go-to-market strategy, it said.
The company claims to have resolved grievances and disputes in numerous sectors, including media and entertainment, banking and fintech, healthcare, and eCommerce.
“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,” said Vishwam Jindal.
“We are building AI and machine learning algorithms for faster and automated resolution of grievances and disputes,” Jindal said.
Webnyay has also 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.
According to the company’s statement, Businesses, lawyers, and arbitrators from numerous countries are using its platform for managing disputes and conducting arbitration and mediation proceedings. Some of its notable users include retired Chief Justice of India, former Supreme Court Judges, and arbitrators across the world.
The company also claims it directly contributes to at least two UN Sustainable Development Goals – UNSDG 8 (Economic growth through ease of justice and ease of business) and UNSDG 16 (increase access to Justice).
Speaking on the investment, Vinay Bansal, Founder & CEO of Inflection Point Ventures, said, “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,” Bansal said.
Source @Indianstartupnews
