Satyukt Analytics raises Rs 10Cr funding to enhance Sat2farm App

Agritech startup Satyukt Analytics has raised Rs 10 crore in funding to further enhance its Sat2farm app.

The Bengaluru-based startup raised a pre-Series A round from NABVENTURES, a venture growth equity fund backed by the National Bank for Agriculture and Rural Development (NABARD).

Satyukt Analytics specializes in agri analytics and utilizes advanced technologies such as satellite imagery and machine learning to offer Software-as-a-Service (SaaS) advisory services directly to farmers. With this new investment, the company aims to accelerate the growth of its Sat2farm app, which provides farmers with valuable insights based on data analysis. Additionally, Satyukt Analytics plans to introduce new products, including Sat4agri for agri input companies and Sat4risk for agri insurers.

One of Satyukt's key achievements is its proprietary technology that allows for quick measurement of farm soil nutrient content. By utilizing this technology, stakeholders can assess soil quality through their mobile devices without the need for physical visits to the farm.

"We empower agriculture stakeholders with accurate, real-time data that can drive their decision-making processes and positively impact their operations," explained Sat Kumar, the CEO of Satyukt Analytics.

One significant challenge in the agricultural sector has been evaluating creditworthiness due to limited access to reliable data and the remoteness of farm locations. Satyukt's Sat2credit app, however, has revolutionized the BFSI (banking, financial services, and insurance) industry. It offers comprehensive farm-level analysis and insights, enabling banks and financial institutions to make tailored digital lending decisions.

Sat2credit facilitates lenders in assessing the creditworthiness of potential borrowers, determining their credit scores, and structuring loans more effectively. The app streamlines the lending process for farmers, expediting loan approvals and providing loan offerings that align with their specific needs. Through exhaustive analysis, Sat2credit also provides crucial insights into farmers' financial health, productivity, and risk profiles.

Recognizing the significance of Satyukt's work, NABARD Chairman Shaji K V expressed confidence in the startup's potential and suggested it as a strong candidate for inclusion in the AgriStack platform, recently announced by the Central Government.

NABVENTURES Fund, with NABARD as an anchor investor, is a leading venture capital fund in India focused on agri, food, and rural technologies. The fund has made successful investments in notable companies like Jai Kisan, Unnati, and Vilcart.

Satyukt Analytics' recent funding success marks a significant milestone for the company and reinforces its position as a pioneering agritech startup leveraging satellite data and remote sensing technologies to benefit farmers and revolutionize the agricultural industry.

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