Nabventures, a venture growth equity fund backed by NABARD (National Bank for Agriculture and Rural Development), has made an investment of ₹10 crores in Bengaluru-based agri-tech startup Satyukt Analytics.
The Bengaluru-based startup raised seed funding from Nabventures and Social Alpha in October 2020 for Rs 3.7 crore.
Satyukt employs machine learning and satellite technology to offer farmers SaaS-based advisory services.
The investment, according to the startup, will allow Satyukt to speed up the development of its Sat2farm app, which gives farmers data-driven insights, Sat2credit app, which helps BFSI players to evaluate a farm’s creditworthiness and credit risk, and new products like Sat4agri for agri-input companies and Sat4risk for agri-insurers.
Banks and other financial institutions can make customized decisions on digital lending with the help of Sat2credit’s in-depth farm-level analysis and insights.
Satyukt was founded in 2018 by Sat Kumar, a PhD degree holder from the Indian Institute of Science, Bangalore.
“Satyukt is a global SaaS in the making with a remarkable satellite data analytics and remote sensing team having advanced AI/ML capabilities. We are happy to support them in their endeavour towards transforming India’s agrarian sector by providing data-backed solutions for financing farmers and improving land productivity,” said Rajesh Ranjan, CEO of Nabventures.
Sat Kumar, CEO of Satyukt, commented, “Nabventures’ investment strengthens our resolve to leverage cutting-edge technologies to enable our stakeholders from India’s agriculture sector to access and utilize accurate, real-time data that can drive their decision-making processes and positively impact their operations.”
It raised seed funding from Nabventures and Social Alpha in 2020 totalling $500,000.