Nabventures invests Rs 10 cr in agri-tech startup Satyukt Analytics

The investment will enable Satyukt to accelerate the development of its Sat2farm app that empowers farmers with data-driven insights

Satyukt deploys satellite technology and machine learning to provide SaaS-based advisory services to farmers.

Nabventures, a venture growth equity fund backed by NABARD (National Bank for Agriculture and Rural Development), has made an investment of Rs 10 crore in Bengaluru-based agri-tech startup Satyukt Analytics.

Satyukt deploys satellite technology and machine learning to provide SaaS-based advisory services to farmers.

According to the startup, the investment will enable Satyukt to accelerate the development of its Sat2farm app that 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.

Sat2credit provides in-depth farm-level analysis and insights enabling banks and financial institutions to make customised digital lending decisions.

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 said.

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 utilise accurate, real-time data that can drive their decision-making processes and positively impact their operations.”

In 2020, it raised $500,000 in seed funding from Nabventures and Social Alpha.