NABVENTURES Invests INR 10 Crore in Satyukt Analytics, A Satellite Agri Analytics Startup

NABVENTURES, a venture growth equity fund backed by NABARD (National Bank for Agriculture and Rural Development), has announced an investment of INR 10 crore in Satyukt Analytics Private Limited, a Bengaluru-based agri analytics startup. Founded in 2018 with a core team of scientists, Satyukt deploys satellite technology and machine learning to provide SaaS-based advisory services to farmers.

NABVENTURES’ investment, part of a pre-Series A funding round for Satyukt, will enable them 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 is a revolutionary tool for BFSI industry as it provides in-depth farm-level analysis and insights enabling banks and financial institutions to make customised digital lending decisions.

Commenting on the association, NABARD Chairman, Shri Shaji K. V. said, “Satyukt is a unique agritech startup harnessing the power of satellite data and remote sensing for the benefit of farmers and lenders interested in funding the agriculture sector. The association with Satyukt aligns with our thought processes and beliefs.”

“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.

Dr 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."

Satyukt has a proprietary technology that can measure farm soil nutrients content within minutes enabling stakeholders to assess soil quality on their mobile devices without having to visit the farm. They are the only satellite data analytics startup which works directly with farmers using a b2c approach through its Sat2farm app.

The transaction was supported by Equity 360's Sumeet Seraf.

About NABVENTURES:

NABVENTURES is a venture growth equity fund with an AUM of INR 598 crore that invests in food, agritech, and rural fintech. The fund has invested INR 226 crore in 10 startups viz. Jai Kisan, Unnati, Satyukt, Vilcart, TenderCuts, KrishiTantra, TraceX, Eggoz, a stealth startup and FRAAZO (exited).

NABVENTURES is backed by National Bank for Agriculture and Rural Development (NABARD), the apex development finance institution of India with an AUM of USD 100 billion. NABVENTURES counts NABARD, SIDBI FoF, Axis Bank, LIC, SRI Fund, Kotak Bank, Bandhan Bank and other banks as its LPs. For further information on NABVENTURES, please visit: https://www.nabventures.in

About Satyukt:

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.

For more details, please visit www.satyukt.com

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