Agri analytics firm Satyukt raises ₹10 crore from NABVENTURES

Satyukt Analytics Private Limited, a Bengaluru-based agricultural analytics startup, has raised Rs 10 crore in pre-Series A financing led by NABVENTURES, a subsidiary of Nabbard Bank (National Bank for Agriculture and Rural Development).

Satyukt uses satellite technology and machine learning to provide SaaS-based advisory services to farmers through the sat2farm mobile application. This funding will help Satyukt accelerate the growth of the sat2farm app that empowers farmers with data-driven insights, the sat2credit app that helps BFSI players assess farm creditworthiness and credit risk and introduce new products such as sat4agri for agricultural input companies and sat4risk for agri, the company said in a statement. “Satyukt is a unique agricultural technology startup that harnesses the power of satellite data and remote sensing for the benefit of farmers. The potential for Satyukt is huge and it is a good candidate for inclusion in the AgriStack platform announced by the Center,” said Shaji KV, Chairman of Nappard. .

Proprietary technology

Satyukt has proprietary technology that can measure agricultural soil nutrient content within minutes to enable stakeholders to assess soil quality on their mobile devices without having to visit the farm. “We are delighted 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,” said Sat Kumar, CEO, Satyukt. “By leveraging these cutting-edge technologies, We enable agriculture stakeholders to access and use accurate, real-time data that can drive their decision-making processes and positively impact their operations.”

Historically, assessing creditworthiness in the agricultural sector has been difficult due to limited access to reliable data and remote locations. Sat2credit is a revolutionary tool for the BFSI industry because it provides in-depth farm-level analytics and insights that enable banks and financial institutions to make personalized digital lending decisions. Using Sat2credit, lenders can assess creditworthiness, assign credit scores to potential borrowers, structure loans more effectively, speed up the lending process for farmers and tailor loan offerings to meet their specific needs. Sat2Credit’s comprehensive analysis provides vital insights into producers’ financial health, productivity and risk profile.

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, working directly with farmers through its sat2farm app using b2c approach while all other players have chosen the b2b2c path Satyukt is a global SaaS in the pipeline and has the best satellite data analytics and remote sensing team with advanced AI/ML capabilities Satyukt’s Sat2credit platform is a great product to include in loan management systems (LMS) for lenders Digitalists and financial firms.