Namaste Credit, India’s leading AI-based credit discovery platform for MSMEs today was announced the winner of 2019 SKOCH Order-of Merit Awards, for its AI-based credit assessment solution for banks and NBFCs. The fintech startup was declared the winner during the 58th SKOCH Summit on 29th June 2019 with the underlying theme of ‘ModiNomics 2.0 – Macroeconomic Agenda’, at Constitution Club of India, Rafi Marg, New Delhi. Namaste Credit has won the prestigious award post a very stringent evaluation process, qualifying three parameters, namely -Early Bird, Jury Evaluation and Popular Vote.
SKOCH Award was instituted in 2003 and is the highest civilian honour in the country conferred by an independent organisation. It recognises people, projects and institutions that go the extra mile to make India a better nation, especially in the fields of finance, governance, banking, disaster management, technology, economics and inclusive growth.
Krishnan Parameswaran, co-founder and CTO, Namaste Credit says, “We are incredibly delighted to have won the prestigious SKOCH award for 2019. This win is a prominent recognition of our efforts towards bringing digital and financial inclusion of India most significant pillar of growth – the MSMEs. We have always been a technology innovation driven company and will continue to keep the momentum high.”
Namaste Credit was founded in 2014 by Gaurav Anand, Lucas Bianchi and Krishnan Parameswaran. The startup has filed three patents for its AI-driven technology platform, which allows banks to reduce turnaround times for loan approval from three days to three hours. Further, their technology also leads to loan approval rates of 70% or above, which is the highest in the industry. They can achieve this through pre-qualifying SMEs using Big Data and matching them to lenders using their proprietary algorithms.
Namaste Credit raised $3.8 million in Series A funding led by Nexus Venture Partners in 2018. It also plans to grow the number of its technology licensing partnerships with leading lenders across the globe.