Mumbai based fintech startup, Karza Technologies, has been chosen as one of the 24 winners under the Maharashtra Startup Week 2020, an initiative of the Maharashtra State Innovation Society which is recognizing the best performing startups in the state.
Karza’s efforts at developing fintech solutions through smart utilization of government databases are helping them deliver state-of-the-art products to clients. Tools like K:SCAN and Litigation BI are digital due diligence platforms, designed to swiftly provide diligence reports to Banks, corporates and government bodies, significantly reducing fraud. Data from more than 750 public sources is collated and analyzed using Machine Learning and Artificial Intelligence to provide accurate information. By analyzing regulatory and litigation filings, holistic reports on millions of businesses can be obtained through these tools, helping financial institutions, government bodies, and others with reliable assessment solutions.
As India progresses towards a more digitally inclusive ecosystem and looks to curb fraud, the need for such services and robust procedures is only going to grow. The impact of Karza’s AI-driven end-to-end solutions for performing easy due diligence, risk reduction, and quick procedures is being recognized through this initiative, for addressing contemporary institutional challenges.
The 7-month long selection process concluded on the 8th of August, 2020 with the announcement of 24 startup winners. Karza, along with 23 other startups shall receive work orders up to INR 15 lacs from the Maharashtra State Innovation Society to execute pilot programmes within several state departments.
Now in the 3rd year of its inception, the 2020 edition witnessed the initial shortlisting of the top 100 high-achieving startups, which then competed for the coveted list of the 24 best startups.
Karza Technologies’ win is accompanied by achievements of 23 prominent startups which have excelled in the fields of education & skilling, agri-tech solutions, digital healthcare & health tech, smart infrastructure & mobility, sustainability (water and waste management) etc. They have been chosen for exhibiting superior technology, digital innovation, and impactful solutions to everyday challenges. They shall receive support, mentorship, access to the government and institutional partners, to implement their piloted solutions over a 12 month period.
Speaking on the success at MSW 2020, Omkar Shirhatti, Co-Founder & CEO, Karza Technologies said “It is an ideal platform created for entrepreneurs to explore their growth potential while being assisted and aided by the state’s institutions. Karza Technologies is very pleased about the achievement and looks forward to working with Maharashtra state in delivering tech-driven solutions which can benefit the people, government, and the financial institutions.”