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Namahe Basic Review

About Project

Name: Namahe

Ticker symbol: NHM

Project type: Platform

Extended company description: Namahe is a platform that enables interaction between different participants in the supply chain, from end users to brands, and from manufacturers to employees contributing to products.

Company: Namahe Private Limited



ICO details

Public ICO start date: 28.06.2018

Public ICO end date: 31.07.2018

Token sale duration (weeks): 3,1

Token type: ERC-20

Token emission: 120 000 000

Tokens available for sale (Pre-sale + Public ICO): 60,000,000

Investment aims:

Price: 1 ETH = 1000 NMH

Accepted currency: ETH

Bounty program: N/A

Token role: Functional


Team (number of people): 10

Advisors and partners (number of people): 6

GitHub: N/A

Project description

Namahe is a platform that enables interaction between different participants in the supply chain, from end users to brands selling products, and from manufacturers to employees contributing to products.

Namahe will focus on the relationship between employer and employee (compliance with labor laws and other norms) and the interaction between companies.

The platform will provide the following services:

  • Access to organizations monitoring working conditions and compliance with legislation.

  • The facility to search for partners or clients for enterprises.

  • The facility to sell goods and services via a marketplace.

  • Ensuring the payment of wages to employees.

  • Ability to lodge complaints against an employer.

  • The facility for traders to interact in order to reduce the cost of audit, etc.


  • Ragnvald Naero (LinkedIn) - Founder and CEO of the Smart Energy Network.

  • Camilla Marcus-Dew (LinkedIn) - Co-founder & Head of Commercial (Clarity & The Soap Co.).

  • Seema Singh (LinkedIn) - Director of Rootstale and a social entrepreneur.

  • Pradeep Kumar (N/A) - x- Director of Vendor Development and Social Responsibility at Gap Inc.

  • Andrew Henderson (LinkedIn) - Financial Services Partner of Eversheds Sutherland.

  • James Burnie (LinkedIn) - ICO Legal Advisor.


  • CloudCoGroup -  an auditing company providing accounting services plus advice on taxes and business planning.

  • Soap Co. - UK brand selling body care products.

  • Clarity - manufacturer of cosmetics and cleaning products.

  • Eversheds Sutherland - global multinational law firm headquartered in London.

  • ComplyAdvantage - a company assisting firms in making intelligent choices when complying with regulations relating to sanctions, money laundering (AML), terrorist financing (CFT), bribery and corruption.

  • RootsTale - a brand initiative to facilitate the cross-fertilization of ideas among artisan craft workers.

  • Venture Kick - Swiss Venture Fund.

Investment attracted:



The project is based on an ecosystem that connects companies, employers and employees at all stages of the supply chain for goods. Fashion is the industry currently focused on.

Strengths of the project:

  • A strong team and experienced advisors.

  • The project’s market demonstrates high growth rates.

Weaknesses of the project:

  • There is no MVP, however according to the team, a proof of concept will be ready in two weeks.

  • There is no mechanism for tracking actions of employees.

Market and Industry

According to McKinsey and Co., the online clothing and footwear sales market will grow by 10% annually from 2017 to 2020. The report also notes that consumers value product reviews highly.

Statista estimates the fashion market at $480.912 million.    

The project is planning to focus on the fashion industry. In this regard, the team has presented an analysis of the clothing and textiles market. According to the team, total size of the global fashion industry is USD 3 trillion, with clothing retail being the biggest category with a total size of USD 1.6 trillion in 2015; the biggest 5 players being the EU (USD 350B), USA (USD 310B), China (USD 237B), Japan (USD 93B) and India (USD 59B). However, by 2025 the industry is projected to grow by 75% (as compared to 2015) and the biggest players would have changed places, with highest growth rates in developing markets such as China and India. The top 5 markets in the fashion industry in 2025 are projected to be China, the EU, the US, India and Japan. However, in the project’s WP we can see irrelevant data. According to the analysis, China is the largest player in the market. It exported clothing and textiles worth $284 billion in 2015. The EU is the second largest player with exports of $176 billion followed by India at $35 billion, Turkey and Bangladesh at $26 billion each. The fashion industry is characterized by high employment.

Comments: According to recent data, the market demonstrates dynamic growth.


The team identifies the following competitors in the WP:

Summary: The project’s key differences from its competitors are its social orientation, the protection of women’s and children’s rights, the existence of agreements with NGOs and the use of AI technologies for improving effectiveness and security.

Platform Technical Parameters

The platform is built on the following four components:

  1. Digital processes. They focus on the use of technology for the digitization of formerly paper-based processes. The use of mobile applications and supply chain APIs allows digital participants to interact with suppliers. The API will also make it possible to integrate SAP / ERP / CRM systems with Namahe.

  2. Blockchain - provides security, traceability, authenticity of origin and asset management.

  3. Artificial intelligence will be used to ensure the smooth operation of the supply chain. AI will monitor delays, violations and fraud in the network.

  4. Cloud power: Cloud technology will be used to scale the platform.

The Namahe stack is built on Hyperledger and Sawtooth, and hosted on Amazon Web Services. Using these components provides such features as API Rest and IOT integration in the IaaS layer, speeding up development time.

The architecture of the platform is as follows:

The user interface will include:

  1. Mobile applications (role-specific)

  2. Desktop applications (role-specific)

  3. Digital business processes and state tracking

  4. Portals for business and technology, including user interfaces for reporting and monitoring.

Technical description

Namahe involves two components:

  1. Namahe - a platform for interaction between companies and interaction between employees and employers.

  2. Namahe marketplace - for the sale and advertising of goods and services. Namahe Marketplace will use already-published public APIs for integration with Amazon, Etsy, EBay and Alibaba. In addition, users will have an opportunity to leave feedback and comments, thereby creating ratings for suppliers.

The Namahe ecosystem will include the following participants:

Comments: The project uses existing technologies that have already proven themselves in the market.

Technical roadmap

With the development of the required technology and data, it is planned to implement the following:

  • Q4 2018 – start of platform development

  • Q1 2019 – platform MVP (alpha version)

  • Q2 2019 – MVP platform live

  • Q3-Q4 2019 - launch of the platform

  • Q4 2019 - development of the marketplace

  • Q1 2020 – beta-version of marketplace

  • Q4 2020 - release of Namahe marketplace

Comments: The team has presented a step-by-step strategy for the project’s development, but the development of the final version of the platform and marketplace will take a long time; this could negatively affect investors’ expectations. However, according to the team, an MVP will be available in 3-4 months.

The smart contract can be found at this link.


We have analyzed the Namahe website and documentation for sufficiency and consistency to assist in making an investment decision.

Information about the project is contained in the White Paper; the documentation is presented in English. The project is described in sufficient detail in the White Paper, where the main focus is on the technical aspect of the project and an analysis of the labor market.

The website also provides information about the project, the team, the roadmap, partners, advisors and the ICO. The website is presented in English, German, Russian, French, Dutch, Korean and Chinese.

Summary: The documentation enables a comprehensive view of the project, which is described in sufficient detail.


Tokens issued for sale: 50%

Public ICO start date: June 28, 2018

Token role: ERC-20

Accepted payment: ETH

Price: 1 ETH = 1000 NMH

Crowdsale duration: 4 weeks, until July 31, 2018

NHM tokens will enable users to buy and sell goods in the Namahe marketplace.

Token limitaton: 120,000,000

Token holder benefits: The tokens are functional, and can be used for accessing platform services or be sold on exchanges.

Dividends: none

Additional token emission: N/A

Escrow: N/A

The token sale will be implemented over several stages:

Hard cap: 30,000.000 USD

Soft cap: 4,000,000 USD


Comments: NMH tokens purchased would be received within 10 days.


Link: N/A

Summary: The team are planning to launch an ambassador program.

Token and Funds Allocation

Tokens and capital will be distributed according to the following scheme:

Summary: Tokens do not affect the distribution of shares in the company. The incentive system is built in such way that it is more profitable to buy tokens in advance. The team’s and reserve tokens will be unlocked a year after the ICO.


Project roadmap:

Summary: According to the team, the project has already prepared a marketing campaign to help recruit partners and customers to the platform.


The team consists of 10 people and 6 advisors. Information about principal team members based on LinkedIn is presented below:

  • Ajay Lakhwani (LinkedIn) - Co-founder. General manager at Amazon UK, previously director of the Kerry Group, head of finance at Firmenich.

  • Kumar Mudaliar (LinkedIn) - Co-founder. Senior financial operations manager at Santander UK and co-founder of Southpaw Design Limited.

  • Anthony Colón Jr (LinkedIn) - Blockchain specialist. Leading Specialist for Operations and Development at Bitcoin Prime, developer at Decibels Development, founder of Belly Clothing.

The team has 7 more people.

Summary: Not all team members have indicated an affiliation with the project. The team is international, and also has the following specialists: A data scientist, RFID, IOT & Wireless Specialist, Marketing Specialist, Web Designer, Community Manager, Social Media Specialist and a Quality Control Specialist.


Information about the project is available on a variety of popular services such as Twitter, Telegram, Reddit, Medium, LinkedIn, Facebook, Crunchbase, Bitcointalk and YouTube. The project has a bounty program.

The team is conducting an advertising campaign via social media, where Twitter and Facebook update news regularly. The format of articles published on the project suggests that they are written primarily by the team as reviews of the project.

Comments: Users are just beginning to be interested in the project. The marketing campaign is being developed mainly on Twitter and Facebook.

Traffic analysis of the Namahe website based on data from Similarweb.com shows the following:

Traffic source

Comments: Direct: 38.31%, referrals: 61.69%, search: 0%, social: 0%, mail: 0%

According to the team’s data this is as follows: Direct: 19.04%, referrals: 27.7%, search: 4%, social: 3.2%, mail: 5.3%

Traffic through search: 0

Referrals: 0.6169

Social activity analysis of the Namahe website based on data from BE1.ru showed the following:

Traffic source

Comments: Country visitor: Bulgaria - 100%

The team’s statistics: USA – 20.95%, India – 9.4%, United Kingdom – 6.65%, Azerbaijan – 4.86%, Russia – 3.96%

Referrals: support.siteground.com - 100%

Social activity: -

Summary: Based on the data available, we can make a conclusion that users are just starting to get interested in the project. The team conducts an advertising campaign on Twitter and Facebook, communicates with users on Telegram and there are also media publications and awards. In February, the number of visits had increased by 3651 people


The developers may be contacted using the links below:












The information contained in the document is for informational purposes only. ICORating received monetary compensation from the entity rated in this report for completing the ratings report. However, the entity rated in this report did not have the opportunity to approve this rating report before the report was published, nor did the rated entity have the opportunity to edit or remove this report once it was published. The views expressed in this document are solely those of the ICORating Team, based on data obtained from open access and information that developers provided to the team through Skype, email or other means of communication. Our goal is to increase the transparency and reliability of the young ICO market and to minimize the risk of fraud. We appreciate feedback with constructive comments, suggestions and ideas on how to make the analysis more comprehensive and informative.