Bengaluru: Satyukt Analytics Private Limited, a Bengaluru-based agri analytics startup that uses satellite technology and machine learning to provide SaaS-based advisory services in a direct-to-farmer manner through sat2farm mobile app to farmers, including small and marginal farmers, is ecstatic to announce a successful pre-Series A funding round led by NABVENTURES. This funding enables Satyukt to accelerate the growth of the sat2farm app, empowers farmers with data-driven insights, sat2credit app that helps BFSI players to evaluate a farm’s creditworthiness and credit risk and introduce new products such as sat4agri for agri input companies and sat4risk for agri insurers.
Satyukt has a proprietary technology that can measure farm soil nutrient content within minutes enabling stakeholders to assess soil quality on their mobile devices without having to visit the farm.
Assessing creditworthiness in the agricultural sector has historically been difficult due to limited access to reliable data and remote locations. Sat2credit is a revolutionary tool for the BFSI industry as it provides in-depth farm-level analysis and insights, enabling banks and financial institutions to make customised digital lending decisions. Using Sat2credit, lenders can assess the creditworthiness, determine the credit scores of potential borrowers, structure loans more effectively, expedite the lending process for farmers, and tailor loan offerings to meet their specific needs. Sat2Credit’s exhaustive analysis offers vital insights into producers’ financial health, productivity, and risk profile.
NABARD Chairman, Mr. Shaji K. V. mentioned, “Satyukt is a unique agritech startup harnessing the power of satellite data and remote sensing for the benefit of farmers. The potential is immense for Satyukt, and it is a good candidate for inclusion in the AgriStack platform announced by the Central Government”.
“We are thrilled to continue our partnership with NABVENTURES on our journey to revolutionise the agriculture industry. We have put the power of advanced data analytics and remote sensing at the fingertips of our app users. Dr Sat Kumar, CEO of Satyukt, commented, “By leveraging these cutting-edge technologies, we enable agriculture stakeholders to access and utilise accurate, real-time data that can drive their decision-making processes and positively impact their operations.”
NABVENTURES Fund, in which NABARD is an anchor investor, is the leading agri, food and rural tech VC fund in India with investments in Jai Kisan, Unnati, Vilcart etc. Mr. Rajesh Ranjan, CEO of NABVENTURES, remarked, “Satyukt Analytics is the only startup in India to measure nutrients in soil using satellite data. It is the only satellite data analytics startup which works directly with farmers through its sat2farm app using a b2c approach, while all other players have chosen the b2b2c route. Satyukt is a global SaaS in the making and has the best satellite data analytics and remote sensing team with advanced AI/ML capabilities. Satyukt’s sat2credit platform is a great product for inclusion in loan management systems (LMS) of digital lenders and fintech”.
Dr. Yukti Gill, Managing Director of Satyukt, stated, “Satyukt Analytics is committed to being at the forefront of innovation, continually exploring new methods to improve the accessibility and usability of farm-scale data for the benefit of farmers and the agricultural sector as a whole”.
Equity 360’s Sumeet Seraf has advised and supported this transaction, stating, “Satyukt Analytics has gained significant traction since its inception, building a reputation for its accurate and timely analytics solutions. The company’s technology holds the potential to revolutionise agriculture by optimising resource allocation, enabling precise irrigation and fertilisation, and mitigating the impact of climate change on crop production.” He further added, “This landmark deal is a significant step towards fulfilling the Prime Minister’s vision for farmers and agricultural development. It recognises our farmers’ immense contributions and demonstrates the government’s commitment to their welfare and prosperity. By fostering such agreements, we empower our farmers to achieve greater economic growth, enhanced market access, and improved livelihoods. This deal marks a turning point in our agricultural landscape, ushering in a new era of opportunities and progress for our farming community.”
About Satyukt
Satyukt is a cutting-edge decision analytics platform that provides improvements in satellite remote sensing, machine learning, and big data analytics to answer large-area issues in the agriculture, banking, and financial services industries, as well as insurance firms around the world. www.satyukt.com
About NABVENTURES
NABVENTURES is a venture growth equity fund with an AUM of INR 598 crore that invests in food, agritech, and rural fintech. The fund has invested INR 226 crore in 10 startups, viz. Jai Kisan, Unnati, Satyukt, Vilcart, TenderCuts, KrishiTantra, TraceX, Eggoz, a stealth startup and FRAAZO (exited). NABVENTURES is backed by the National Bank for Agriculture and Rural Development (NABARD), India’s apex development finance institution with an AUM of USD 100 billion. NABVENTURES counts NABARD, SIDBI FoF, Axis Bank, LIC, SRI Fund, Kotak Bank, Bandhan Bank and other banks as its LPs. https://www.nabventures.in
