Samunnati, India’s largest agri enterprises, today announced signing an agreement with Singapore-headquartered B2B SaaS FinTech finbotsAI, to transform credit risk management using AI.
With this, Samunnati becomes the first Agri Enterprise in India to incorporate advanced AI-based solutions into a key pillar of its business, supporting its mission to drive greater financial inclusion for smallholder farmers and agri enterprises. Through this partnership, Samunnati has become the first client of Accel-backed finbotsAI in India.
With creditX, finbots.ai’s AI-powered credit modelling platform, Samunnati will be able to develop high accuracy custom credit models on demand, enabling them to scale their agri and MSME supply chain financing business with reduced risk. Samunnati will also be able to process new applications instantly, resulting in improved efficiency and greater agility in operations.
Samunnati made the decision to sign with finbotsAI after an extensive evaluation via a Proof-of-Concept using historical data. With creditX, finbots.ai was able to reduce model development time from 3 months to 4 days with a significant increase in predictive accuracy, demonstrating potential upsides in revenue and operating efficiencies.
Commenting on the partnership, Anil Kumar SG, CEO and Co-Founder, Samunnati, said, “We believe that innovation is the key to solve the access to finance paradox and to unlocking the potential of Indian agri. The partnership with finbotsAI aligns perfectly with our vision of leveraging technology to serve our customers better and contribute to the growth of the Indian Agri.”
Sanjay Uppal, Founder & CEO, finbots.ai commented, “We are proud to make our foray into an exciting market like India with an industry leader in Samunnati. We have seen enormous success in enabling lenders in Southeast Asia and Africa to safely lend to new segments and accelerate financial inclusion and are confident our transformative AI platform, creditX, will have a similar impact in India. We are seeing creditX become a preferred option for lenders globally, and this deal reinforces the desire for cutting-edge technology solutions that solve legacy challenges.”
With this deal, finbots.ai’s fast growing client base stretches to 10 countries across APAC and MEA markets while Samunnati strengthens its credit-risk management using world-class AI-enabled platform.