1) The Founders
Namita Shah, Bhaven Shah and Aman Sanghavi. Namita is a chartered accountant, a CPA from the US and a lawyer with exposure to cybersecurity. Bhaven, a CA and a lawyer who was earlier associated with KPMG and EY, has worked extensively with judicial and quasi-judicial authorities and the BIFR. Sanghavi is a certified mediator from insurance and management background.
2) The Trigger
"It's the overload and the wastefulness - 40,000 cases filed every day, about 3.3 crore pending cases and yearly loss of about Rs 80,000 crore due to hearings and the consequent loss of business. Preventing full-blown litigations could be one way out of this. That is why we have built Presolv360, a fast and cost-effective online platform (the company is registered as Edgecraft Solutions) for review, contingency planning and resolution through alternative dispute resolution (ADR) mechanism," says Bhaven.
3) Offerings & Technology
The start-up offers three key services covering the entire process, right from raising grievances to executing settlement agreements. These include: a) PresolvReview: For reviewing agreements and plugging loopholes to prevent future conflicts; b) PresolvSecure: A kind of contingency-cum-legal insurance plan against contractual disputes; concerned parties pay a small annual fee, and in case of any issue, Presolv's empanelled experts ensure a speedy and effective resolution at no additional cost; c) PresolvDirect: Assists parties to resolve ongoing conflicts (to be submitted to court or pending in the court) in a collaborative environment. The company uses cloud technology to manage and review agreements and hosts videoconferences for hassle-free dialogue and mediation. Offline ADR is also available, depending on one's requirements and location.
4) Challenges & Targets
Building a big customer base and ensuring a steady revenue stream remain its immediate focus as Presolv has recently come out of beta. Additionally, it is developing data-driven algorithms so that machine learning solutions can be integrated to improve its due diligence process. The company is also trying to bring many more legal professionals into its fold to grow mediation as a 'hot' career in India. Finally, there will be 'Presolv for All', a free-of-cost service for economically weaker sections.
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