Delhi-based online dispute resolution ecosystem Startup, Webnyay has raised an undisclosed sum in a Seed funding round led by Inflection Point Ventures and SucSEED Innovation Fund.
The funds raised will be used to expand the services, improve AI, machine learning, and NLP capabilities, improve the platform’s security, and increase the ability to resolve conflicts in open networks such as the Account Aggregator, ONDC, and OCEN networks.
the platform also intends to implement 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.
“Inflection Point Ventures founder and CEO Vinay Bansal said, “In the last decade, tech startups have demonstrated how technology can be used to solve real problems, from taxi booking to grocery delivery in minutes. Until the pandemic, India’s judiciary used technology to provide justice. The ability and confidence to use tech-enabled solutions for dispute resolution remain an untapped market, owing to obvious challenges. “Webnyay is making a bold move in this area as a pioneering legal tech platform developed in India that has a global reach in Grievance Redressal and Dispute Resolution. Webnyay is a believer in supporting great companies with great founders.
Vishwam Jindal, Co-founder and CEO of Webnyay, said, “We’re reimagining the internet’s justice delivery system. We want to assist businesses and government departments in resolving problems and conflicts in a quick and cost-effective manner. Using technology, we aim to broaden access to justice and improve efficiency in doing business. “We are developing AI and machine learning algorithms for faster and automated resolution of complaints and disputes”.
Founded in 2019 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 of over $56 billion every year.