NABARD-Backed NABVENTURES Invests In Agritech Startup Satyukt

Bengaluru-based agritech startup Satyukt Analytics has secured Pre-Series A funding of INR10 Cr ($1.2 Mn) from NABARD-backed agritech investor NABVENTURES.

The funds will enable Satyukt to improve its Sat2farm app which empowers farmers with data-driven insights and Sat2credit app which helps BFSI players to evaluate a farm’s creditworthiness and credit risk.

Further, the startup will also use the funds to introduce new products such as Sat4agri for agri-input companies and Sat4risk for agri-insurers.

Founded in 2018 by Sat Kumar Tomer and Yukti Gill, Satyukt is a SaaS startup that deploys satellite technology to offer advisory services to the customers. It uses a proprietary technology that can measure farm soil nutrients content within minutes to help farmers assess soil quality on their mobile devices without having to visit the farm.

Commenting on the investment, Tomer said, “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.”

Commenting on the technology adopted by Satyukt, Rajesh Ranjan, CEO of NABVENTURES, said, “Satyukt Analytics is the only startup in India to measure nutrients in soil using satellite data. It is the only satellite data analytics startup, which works directly with farmers through its sat2farm app using a b2c approach while all other players have chosen the b2b2c route.”

In 2020, NABVENTURES along with Social Alpha, invested $500K in the startup. 

The agritech startups have been successful in closing a good number of investment deals over the years. Lately, in May, agritech startup Balwaan bagged $2 Mn to establish pan India network and offer new products to farmers to boost production.

During the same period, another agritech startup Agrizy secured $5 Mn debt funding from SBI, Yes Bank, Vivriti Capital, and some other financial institutions.

Further, Flipkart-backed B2B agritech startup Ninjacart’s net loss narrowed by 70% in FY22 from FY21. 

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