Satyukt Analytics raises INR 10 Crores from NABVENTURES Fund

The fresh infusion of capital will enable Satyukt Analytics to expand its satellite network, enhance its analytics infrastructure, and further refine its algorithms.
Satyukt Analytics raises INR 10 Crores from NABVENTURES Fund
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Satyukt Analytics, 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 the Sat2Farm mobile app to farmers, including small and marginal farmers, has announced a successful pre-Series A funding round led by NABVENTURES. This funding enables Satyukt to accelerate the growth of the Sat2Farm app that empowers farmers with data-driven insights, the Sat2Credit app that helps BFSI (Banking, financial services, and insurance) 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.

Sat2Credit- A revolutionary tool for in-depth farm-level analysis

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 customized 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. Its exhaustive analysis offers vital insights into producers' financial health, productivity, and risk profile.

Shaji K. V, chairman, NABARD, 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 revolutionize 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, chief executive officer, Satyukt, commented. He added, "By leveraging these cutting-edge technologies, we enable agriculture stakeholders to access and utilize accurate, real-time data that can drive their decision-making processes and positively impact their operations."

A turning point in the agricultural landscape

NABVENTURES Fund in which NABARD is an anchor investor, is the leading agri, food, and rural tech venture capital fund in India with investments in Jai Kisan, Unnati, Vilcart, and more. Rajesh Ranjan, chief executive officer, 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 artificial intelligence and machine learning (AI/ML) capabilities. Satyukt’s Sat2Credit platform is a great product for inclusion in loan management systems (LMS) of digital lenders and fintechs.”

Dr. Yukti Gill, managing director, 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, and stated, “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 revolutionize agriculture by optimizing resource allocation, enabling precise irrigation and fertilization, 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 not only recognizes the immense contributions of our farmers but also 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."

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. NABVENTURES is a venture growth equity fund with an AUM of INR 598 Crore that invests in food, agritech, and rural fintech. NABVENTURES is backed by the National Bank for Agriculture and Rural Development (NABARD), the apex development finance institution of India with an AUM of USD 100 Billion.

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