NABVENTURES, the agritech investment arm supported by the National Bank for Agriculture and Rural Development (NABARD), has announced its investment of INR 10 Cr (US$1.2 Mn) in Satyukt Analytics, a Bengaluru-based agritech startup. The infusion of funds aims to further enhance Satyukt’s innovative apps, empowering farmers with data-driven insights and enabling BFSI players to evaluate creditworthiness and credit risk.
Founded in 2018 by Sat Kumar Tomer and Yukti Gill, Satyukt Analytics leverages satellite technology. And machine learning to provide advisory services to farmers, lenders, and other stakeholders in the agriculture sector. The company’s flagship Sat2farm app equips farmers with valuable insights based on data analysis. While the Sat2credit app assists BFSI players in making informed decisions regarding a farm’s creditworthiness and credit risk. Additionally, Satyukt plans to introduce new products such as Sat4agri for agri-input companies and Sat4risk for agri-insurers.
Satyukt Analytics has pioneered the use of proprietary technology that allows for quick measurement of farm soil nutrient content. Through this technology, farmers can conveniently assess soil quality on their mobile devices without the need for physical farm visits. This streamlined approach saves time and resources while providing crucial information to enhance farming practices.
The investment from NABVENTURES marks a significant milestone for Satyukt Analytics, enabling the company to expand its reach and create a profound impact in the agriculture sector. The timing is opportune, as the demand for agritech solutions in India continues to surge. The country’s agriculture sector, known for its size and complexity, calls for innovative solutions that empower farmers to increase productivity.
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The potential impact of Satyukt Analytics’s technology on the agriculture sector is poised to play a pivotal role as India’s agricultural landscape undergoes a transformation.
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