The latest funding will assist the firm in increasing its product innovation.
SatSure utilizes satellite data to provide ‘decision intelligence’ for the BFSI, agribusiness, and infrastructure industries. It counts Force Ventures, Luckbox Ventures, and IndigoEdge Advisors as its investors.
SatSure, a Bengaluru-based space tech business, has raised undisclosed funds as part of its Series A fundraising round, which was led by Baring Private Equity Partners (BPEP) India and Promus Ventures.
TransUnion also participated in the round, taking a minority share. The latest funding will help the firm increase its product innovation.
SatSure founder and CEO Prateep Basu stated, “This investment demonstrates our shared commitment to using technology to drive financial inclusion in the agriculture finance landscape.” With TransUnion’s help, we are positioned to not only improve our joint product development for the Indian market, but also address the particular difficulties of farmer loan access around the world.”
TransUnion CIBIL (TransUnion’s Indian subsidiary) and SatSure teamed up in 2022 to launch the CIBIL Credit & Farm Report (CCFR). The CCFR provides complete credit, crop, and land information to lenders who make agricultural loans to farmers.
Furthermore, the CCFR solution assists lenders in increasing the flow of credit to the agriculture sector by leveraging data-driven and digital credit assessment capabilities.
“We anticipate that our combined insights will give financial institutions the ability to evaluate and give millions of farmers, professionals in the agricultural and related sectors, access to financing, and promote sustainable financial inclusion in India,” stated Rajesh Kumar, MD and CEO of TransUnion CIBIL.
SatSure, founded in 2017 by Prateep Basu, Rashmit Singh Sukhmani, and Abhishek Raju, leverages satellite data to provide ‘decision intelligence’ in the BFSI, agriculture, and infrastructure sectors. Its backers include Force Ventures, Luckbox Ventures, and IndigoEdge Advisors.
Last year, the business secured $15 million in a series of financing, sponsored by the Baring Private Equity Partners India and Promus Ventures.
SatSure received an undisclosed amount of the strategic investment in February of the same year from ICICI Bank, Kotak Mahindra Bank, and HDFC Ltd.
In 2022, the business raised $5 million in its Pre-Series A round from Baring Private Equity India, Flowstate VC, and Force Ventures, among others.
The space tech industry is projected to reach a $77 billion market size by 2030, per Inc42’s Indian Spacetech Startup Landscape & Market Opportunity Report 2023.
