Nabard's Arm Invests Rs 10 Crore in Satellite Agri-Analytics Startup, Satyukt Analytics

Nabard's venture investment arm has announced a significant investment of Rs 10 crore in Satyukt Analytics, a Bengaluru-based satellite agri-analytics startup. The investment by Nabventures, backed by the National Bank for Agriculture and Rural Development (Nabard), aims to support Satyukt in developing innovative farmer-centric products and services through the use of satellite technology and machine learning.

Satyukt Analytics specializes in providing software as a service-based advisory services to farmers, leveraging satellite technology and advanced data analytics. With the newly secured investment, the company plans to enhance its offerings and develop several farmer-centric applications.

One of the key developments includes an app that will empower farmers with data-driven insights, enabling them to make informed decisions regarding their agricultural practices. Additionally, Satyukt Analytics intends to create an app for financiers and insurers to evaluate the creditworthiness and credit risk of farms, facilitating streamlined financial processes in the agriculture sector.

Moreover, the startup aims to introduce new products tailored for agri input companies and agri insurers, leveraging its expertise in satellite analytics and machine learning. These innovative solutions will help stakeholders in the agricultural value chain make informed decisions and improve overall efficiency.

Also Read: Google Invests in Bengaluru-based Satellite-Image Startup 'Pixxel' to Revolutionize Agriculture Sector

Satyukt Analytics also boasts proprietary technology capable of measuring farm soil nutrient content within minutes, providing stakeholders with real-time assessments of soil quality through their mobile devices. This technology eliminates the need for physical farm visits and offers a convenient solution for assessing soil conditions.

Shaji KV, Chairman of Nabard, expressed his excitement about the partnership with Satyukt Analytics, emphasizing the startup's unique approach to leveraging satellite data and remote sensing for the benefit of farmers and lenders interested in funding the agriculture sector. This investment aligns with Nabard's vision and commitment to supporting technological advancements that contribute to the growth and welfare of the agricultural community.

The collaboration between Nabard's venture investment arm and Satyukt Analytics showcases the increasing significance of agritech startups in revolutionizing the agricultural sector. By harnessing the power of satellite data, advanced analytics, and machine learning, these startups play a vital role in empowering farmers and driving sustainable agricultural practices.

As the agricultural landscape continues to evolve, innovative solutions like those provided by Satyukt Analytics hold the potential to transform farming practices, enhance productivity, and contribute to the overall development of the agriculture sector.

Source- The ET

Also Read: Dhanuka Agritech Introduces BiologiQ, Launches 3 New Crop Protection Products