The band was launched last month to mark Rahman's 48th birthday.
"For me to give a platform to the next generation is my mission and this is one of the first initiatives to represent India internationally.
"The inspiration behind was Stevie Wonder. It has been my privilege to showcase NAFS at GiMA for the first time ever," the music maestro said.
The ceremony, hosted by singer Mika Singh and actor Manish Paul, also saw performances from Atif Aslam, Arijit Singh, Shraddha Kapoor, Sonu Nigam, Ankit Tewari and Shankar Mahadevan, among others.
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Rahman won awards for best film album for 'Highway' and best fusion album in the non-film category for Coke Studio at MTV season three.
Singer Armaan Malik, who got popular by crooning 'Naina' from Sonam Kapoor's 'Khoobsurat', won awards for best music debut in both the film as well as non-film category.
Shankar Mahadevan won his first award ever for devotional music.
The lifetime achievement award - Classical went to Pandit Hari Prasad Chaurasia and was presented to him by Pandit Jasraj.
Music legend Ustad Zakir Hussain was honoured with the global musician award, while Daler Mehndi took home the Wizcraft honour for best live performer.