Hi suraj,
Webhooks are the modern, web-oriented way for servers to receive notifications from other servers. For instance, when an event happens on a server, like Salesforce.com, your own custom application can receive the event via a web request.
Salesforce already has a built-in way to handle events called Triggers which run on Salesforce via Apex code. However, you may want to receive these events in your own custom application.
Thanks.