Webnyay, an online dispute resolution and grievance redressal platform in India, has raised an undisclosed amount in a seed round led by Inflection Point Ventures, with participation from SucSEED Indovation Fund.
The funds raised will be utilized towards scaling up the products, building AI, machine learning, and NLP capabilities. A portion of the money will go into strengthening the platform’s security 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 and Ishita Jindal, Webnyay has developed an easy-to-use technology system for grievance redressal and dispute resolution. It allows users to draft legal documents for arbitration without an advocate or external legal help.
Webnyay 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 e-commerce.
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, and 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.
CEO Vishwam Jindal said, “We are building the justice delivery ecosystem for the internet. We want to help businesses and government bodies resolve grievances and disputes speedily and cost-effectively. Our mission is to use technology to increase access to justice and enable ease of business. We are building AI and machine learning algorithms for faster and automated resolution of grievances and disputes.”
Its users include a retired Chief Justice of India, former Supreme Court judges, and arbitrators from across the world.
Vinay Bansal, Founder and CEO of IPV, 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 pandemic’s start 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 with global relevance in Grievance Redressal and Dispute Resolution.”
In India alone, dispute resolution costs result in over $56 billion in yearly losses.