SatSure Secures Funding to Bolster Financial Inclusion for Farmers

Preeti Bali / 10:14 am / April 3, 2024

Bengaluru-based space technology company SatSure has secured an undisclosed amount of funding in its Series A round.Promus Ventures and Baring Private Equity Partners India co-led the deal, with TransUnion contributing a minority position as well.

This latest investment will fuel SatSure’s product development efforts. Prateep Basu, the founder and CEO of SatSure, highlighted the company’s dedication to using technology to increase financial inclusion in the agricultural financing industry. He expressed his belief that the collaboration with TransUnion will not only strengthen their product development for the Indian market but also tackle the global challenge of providing farmers with easier access to credit.

Enhancing Agricultural Lending with Data-Driven Solutions

SatSure and TransUnion CIBIL, the company’s Indian division, collaborated to introduce the CIBIL Credit & Farm Report (CCFR) in 2022. This report provides lenders with a comprehensive view of a farmer’s creditworthiness, including information on crops and land.

The CCFR solution empowers lenders to streamline the flow of credit to the agricultural sector by utilizing data-driven and digital credit assessment tools. Rajesh Kumar, MD and CEO of TransUnion CIBIL, anticipates that the combined expertise of SatSure and TransUnion will empower financial institutions to assess farmers’ creditworthiness more effectively, ultimately granting millions of farmers and agricultural professionals greater access to financing and fostering long-term financial inclusion within India.

SatSure: A Spacetech Leader in Decision Intelligence

Founded in 2017 by Basu, Rashmit Singh Sukhmani, and Abhishek Raju, SatSure leverages satellite data to provide “decision intelligence” solutions across various sectors, including banking, financial services, and insurance (BFSI), agriculture, and infrastructure. The company’s investor base includes Force Ventures, Luckbox Ventures, and IndigoEdge Advisors.

SatSure’s Continued Growth Trajectory

The past year has witnessed significant growth for SatSure. In 2023, they secured $15 million in their Series A round, co-led by Baring Private Equity Partners India and Promus Ventures. Additionally, they received an undisclosed amount of strategic investment from prominent Indian banks like ICICI Bank, Kotak Mahindra Bank, and HDFC Ltd. in February 2023. They had previously raised $5 million in their pre-Series A round in 2022, with some of the major investors being Baring Private Equity India, Flowstate VC, and Force Ventures.

With the spacetech sector in India projected to reach a market size of $77 billion by 2030 (according to Inc42’s Indian Spacetech Startup Landscape & Market Opportunity Report 2023), SatSure is well-positioned to capitalize on this growth and play a vital role in revolutionizing the agricultural lending landscape through its innovative data-driven solutions.

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