Webnyay Raises Undisclosed Amount In Seed Funding The fund raised will be utilized for scaling up the products, building AI, machine learning and NLP capabilities, strengthening the security of the platform, and enhancing the capability of resolving disputes in open networks
By Teena Jose
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Webnyay, an online dispute resolution and grievance redressal platform, has raised an undisclosed amount in a Seed funding round led by Inflection Point Ventures, along with SucSEED Indovation Fund. The fund raised will be utilized for scaling up the products, building AI, machine learning ad NLP capabilities, strengthening the security of the platform, and enhancing the capability of resolving disputes in open networks like the Account Aggregator, ONDC and OCEN networks. The platform also plans to develop a go-to-market strategy.
"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," said Vishwam Jindal, co-founder and CEO, Webnyay.
Webnyay has also developed a document management system tailored for lawyers. Businesses, lawyers and arbitrators from numerous countries have used the platform for managing disputes and conducting their arbitration and mediation proceedings. The platform has proprietary technology that allows users to draft legal documents without any external help. It is available in multiple languages and has been used in numerous sectors including media and entertainment, banking and fintech, health care and e-commerce, claimed by the company in a statement.
"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. 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 deliver on this parameter for IPV," said Vinay Bansal, founder and CEO, Inflection Point Ventures.
Founded in 2020 by Vishwam Jindal and Ishita Jindal, Webnyay's technology help to optimize timelines and processes for resolving disputes. As per reports, in India alone, dispute resolution costs result in losses over $56 billion every year.
