Presolv360, an Online Dispute Resolution (ODR) platform that offers technology-driven new-age solutions for resolving disputes, has raised $1.08 million (Rs 8.13 crores) in Seed funding from MGA Ventures (Ashra Family Office), Omidyar Network India. The round also saw participation from family offices like Inspira Enterprises, M Pallonji, Jeena and Co., Fine Fragrances, and other angel investors.
The funds will be deployed towards developing and integrating newer technologies and team expansion across tech, data and business development as Presolv360 focuses on expanding its user base.
Founded by Bhaven Shah, Namita Shah, and Aman Sanghavi with the vision to “pre-solve” every dispute through the interplay between technology and data, Presolv360’s platform allows enterprises to resolve disputes with their stakeholders out-of-court and capitalize on bespoke offerings such as smart case management, workflow automation, data-driven insights, blockchain-based validation, digital tools, etc., resulting in reduced costs, time and efforts by up to 65 percent, it said in a press statement. On a macro level, this translates into unburdening of the justice delivery system, greater governance, and ease of doing business.
Bhaven Shah, Co-founder, Presolv360, said,
ODR not only provides disputing parties a fair chance to resolve their disputes online from anywhere across the world, but it also ensures greater participation resulting in higher settlements, trust-building and satisfaction.
Gautam Ashra, Partner, MGA Ventures, said, “ODR is a game-changer on how one perceives and approaches the process of dispute resolution in India as compared to the traditional court process. We believe that Presolv360 is building a comprehensive, scalable, and proprietary technology platform led by data-driven solutions and machine learning for ODR in India.”
Shilpa Kumar, Partner, Omidyar Network India, said, “We believe Presolv360’s digital platform will empower businesses and citizens to resolve their disputes at-ease and in an affordable manner.”
ODR has become an exciting category in the LegalTech ecosystem and has gained wide recognition in India from the judiciary, the government and business enterprises.
Sarvaank Associates advised and assisted Presolv360 on the transaction.
Also read: Latest trends in legaltech for 2022!