Online Dispute Resolution platform Presolv360 raises $1.08 Million (INR 8.13 crores) in Seed Funding from MGA Ventures, Omidyar Network India, and others
The legaltech startup’s portfolio has grown 10X; and is one of the only ODR platforms to be enlisted by the Ministry of Law & Justice and empaneled by a High Court in the country
Mumbai, 23 February 2022: Presolv360, an Online Dispute Resolution (ODR) platform that offers technology-driven new-age solutions for resolving disputes, has raised $1.08 Million (INR 8.13 crores) in seed funding from MGA Ventures (Ashra Family Office), Omidyar Network India, and 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%. On a macro level, this translates into unburdening of the justice delivery system, greater governance, and ease of doing business. Presolv360 is trusted by 35+ enterprises comprising some of the largest banks, NBFCs, business enterprises, e-commerce players and startups. It has also been incubated by India’s leading law firm Cyril Amarchand Mangaldas.
“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. Today, far more people have access to technology than access to conventional dispute resolution systems, and Presolv360’s ODR platform creates a level-playing field that catalyzes inclusion and has strategic benefits for all stakeholders that gain from efficient and effective resolutions achieved in record time. ODR is solving for one of the most challenging problems faced by us all, and when such ideas are backed by funds like Omidyar Network India and MGA Ventures, its true impact begins to unravel," says Bhaven Shah, Co-founder, Presolv360.
“In an age where transactions take place in a few seconds, dispute resolution for these transactions is taking years to get resolved. We should not be spending years to resolve disputes, rather be leveraging technology to assist in getting a resolution in a just and timely manner and not just staying in the system for years. 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. Presolv360 is designing the future of dispute resolution and Legal Tech in India,” says Gautam Ashra, Partner, MGA Ventures.
“We are inspired by Presolv360’s mission to become the most trusted platform for dispute resolution services. We believe their digital platform will empower businesses and citizens to resolve their disputes at-ease and in an affordable manner. The founding team’s deep customer focus and passion to enable access to dispute resolution for the Next Half Billion (NHB) makes this an exciting investment for us” says Shilpa Kumar, Partner, Omidyar Network India.
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.
Presolv360 is an ODR solution to resolve disputes seamlessly in a safe and secure online environment. We cater to the underserved small to mid-value dispute category by offering a party-&-resolution-centric ecosystem and platform infrastructure. The innovation of Presolv360 lies in the design and approach to digitizing dispute resolution, extending beyond mechanisms such as electronic arbitration, conciliation, mediation, negotiation or a combination thereof. We are currently working with some of India’s largest financial institutions, business enterprises and courts, enabling them to resolve large volumes of disputes in a manner that is systematized, data-driven and inclusive.
Moreover, Presolv360’s systems and processes are in line with international standards and are built on the foundation of global model laws on dispute resolution. This makes our solutions amenable for deployment in over 165 jurisdictions across the world.
About MGA Ventures:
MGA Ventures is a single-family office of the Ashra family based in Mumbai. The family is into forex broking and pharma business. We invest in early-stage and growth-stage companies i.e., Seed, Series A or Series B funding rounds. We are sector-agnostic but more focused on consumer, pharma & tech businesses. We provide long-term capital to cater to growth in the Indian entrepreneurial eco-system and partner with new-age companies with a differentiated proposition which is not easily replicable.
About Omidyar Network India:
Omidyar Network India invests in bold entrepreneurs who help create a meaningful life for every Indian, especially the hundreds of millions of Indians in low-income and lower-middle-income populations, ranging from the poorest among us to the existing middle class. To drive empowerment and social impact at scale, we work with entrepreneurs in the private, nonprofit and public sectors, who are tackling India’s hardest and most chronic problems. We make equity investments in early stage enterprises and provide grants to nonprofits in the areas of Digital Society, Education, Emerging Tech, Financial Inclusion, Governance and Citizen Engagement, and Property Rights. Omidyar Network India is part of The Omidyar Group, a diverse collection of companies, organizations and initiatives, supported by philanthropists Pam and Pierre Omidyar, founder of eBay.