Spacetech Startup SatSure Bags Funding To Improve Credit Access For Agri Sector

Bengaluru-based spacetech startup SatSure has raised an undisclosed capital as a part of its Series A funding round co-led by Baring Private Equity Partners (BPEP), India, and Promus Ventures.

TransUnion also backed the company in the round for a minority stake.

The latest investment will help the startup to boost its product innovation.

SatSure founder and CEO Prateep Basu said, “This investment is a testament to our shared commitment to leveraging technology for driving financial inclusion in the agriculture finance landscape. With TransUnion’s support, we are poised to not only enhance our joint product development for the Indian market but also to address the unique challenges of farmer credit access across the globe.”

In 2022, TransUnion CIBIL (the Indian arm of TransUnion) and SatSure partnered to launch the CIBIL Credit & Farm Report (CCFR). The CCFR offers comprehensive credit, crop and land information to lenders providing agricultural loans to farmers. 

Besides, CCFR solution supports lenders in improving the flow of credit to the agricultural sector using data oriented and digital credit assessment capabilities. 

“We expect that our combined insights will provide financial institutions with the capabilities to assess and provide access to finance for millions of farmers, agricultural and allied sector professionals and drive sustainable financial inclusion in India,” said Rajesh Kumar, MD and CEO of TransUnion CIBIL.

Founded in 2017 by Basu, Rashmit Singh Sukhmani and Abhishek Raju, SatSure uses satellite data to offer ‘decision intelligence’ across BFSI, agriculture, and infrastructure sectors. It counts Force Ventures, Luckbox Ventures and IndigoEdge Advisors among its investors.

Last year, the startup raised $15 Mn in its Series A round led by Baring Private Equity Partners India and Promus Ventures.

In the same year in February, SatSure bagged an undisclosed amount of strategic investment from ICICI Bank, Kotak Mahindra Bank, and HDFC Ltd.  

In 2022, the startup raised $5 Mn in its Pre-Series A round from Baring Private Equity India, Flowstate VC, Force Ventures, among others.

According to Inc42’s Indian Spacetech Startup Landscape & Market Opportunity Report 2023, the spacetech sector is estimated to reach a market size of $77 Bn by 2030.