Agri-tech startup Satyukt Analytics raised $1.2 million in Pre-Series A from NABVENTURES, an agritech investor backed by NABARD (National Bank for Agriculture and Rural Development).
The funding will enable Satyukt to enhance its Sat2farm app, which provides farmers with data-driven insights, and its Sat2credit app, which assists BFSI (Banking, Financial Services, and Insurance) players in assessing a farm’s creditworthiness and credit risk.
In addition, the startup plans to utilize 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 (Software as a Service) startup that leverages satellite technology to offer advisory services to customers. The company utilizes proprietary technology that can measure farm soil nutrient content within minutes, allowing farmers to assess soil quality on their mobile devices without needing to visit the farm.
Satyukt’s CEO, Sat Kumar Tomer, expressed his enthusiasm about the investment, stating, “NABVENTURES’ investment strengthens our resolve to leverage cutting-edge technologies to enable our stakeholders from India’s agriculture sector to access and utilize accurate, real-time data that can drive their decision-making processes and positively impact their operations.”
Rajesh Ranjan, CEO of NABVENTURES, commented on Satyukt’s technology, highlighting their unique approach, stating, “Satyukt Analytics is the only startup in India to measure nutrients in soil using satellite data. It is the only satellite data analytics startup that works directly with farmers through its Sat2farm app using a B2C approach, while all other players have chosen the B2B2C route.”
This investment follows a previous investment of $500,000 made by NABVENTURES and Social Alpha in Satyukt Analytics in 2020.
The agritech sector has witnessed significant investment activity in recent years. In May, agritech startup Balwaan secured $2 million to establish a pan-India network and introduce new products aimed at boosting farmers’ production. Similarly, agritech startup Agrizy secured $5 million in debt funding from SBI, Yes Bank, Vivriti Capital, and other financial institutions during the same period. The investments reflect the growing interest and support for technological advancements in the agricultural industry.
