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Samunnati, one of India’s largest agri enterprises, has signed an agreement with Singapore-headquartered B2B (business-to-business) SaaS FinTech finbotsAI, to transform credit risk management using artificial intelligence (AI).
The Chennai-based company has become the first agri enterprise in the country to incorporate advanced AI-based solutions into a key pillar of its business, supporting financial inclusion of smallholder farmers and agri enterprises.
“Through this partnership, Samunnati has become the first client of Accel-backed finbotsAI in India,” a company statement said.
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With finbots.ai’s AI-powered credit modelling platform creditX, Samunnati will be able to develop accurate 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,” it said.
The agri enterprise decided 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,” the statement said.
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…”
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Sanjay Uppal, Founder & CEO, finbots.ai, said, “We have seen enormous success in enabling lenders in South-East 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.”
With this deal, finbots.ai’s fast growing client base increases to 10 countries, while Samunnati strengthens its credit-risk management using a world-class AI-enabled platform, the statement said.
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