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SatSure welcomes ICICI Bank,Kotak Mahindra Bank, and HDFC Ltd. as Investors


SatSure welcomes ICICI Bank, Kotak Mahindra Bank, and HDFC Ltd. as Investors

Bengaluru, 10 February, 2022 -- SatSure, a deep tech decision intelligence company, working at the intersection of spacetech, artificial intelligence (AI), and Software as a Service (SaaS), is glad to welcome ICICI Bank, Kotak Mahindra Bank, and HDFC Ltd. as strategic investors in the company. The funding comes at a point where SatSure is closing its Series A round of INR 120 crores. SatSure had previously raised a pre-series A round of INR 34 crores in November, 2021 led by Baring Private Equity India Pvt. Ltd., with ADB Ventures (Asian Development Bank’s venture arm).

Mr. Rakesh Jha, Executive Director, ICICI Bank said, “ICICI Bank is a great believer of using technological innovations to offer improved convenience to its customers. In line with this philosophy, we have pioneered the use of satellite data as an integral part of our tech stack to enable expeditious credit assessment of farmers in a contactless manner. This investment in SatSure further strengthens our partnership to create innovative solutions for our customers.”

“We have been following SatSure’s journey for the past couple of years now and have seen their product evolve and mature in the banking sector, especially in the space of building technology towards enabling financial inclusion of farmers in India. Investment in SatSure strategically aligns with our goal of partnering with companies that have a high potential to create large scale impact across different sectors.” said Mr. Jaimin Bhatt, Group President and Group CFO of Kotak Mahindra Bank.

Ms. Renu Sud Karnad, Managing Director, from HDFC Ltd. added, “SatSure brings a unique product mix that’s disruptive for different industry sectors served by financial institutions. Their offerings, spanning across agriculture, mortgage, and critical infrastructure sectors, along with their focus on problem solving for climate change in these sectors, is what got us excited to work with them in the first place and then partner with SatSure as a strategic growth investor.”

The company plans to use the funding for accelerating its work of owning a fleet of four high-resolution data producing satellites by 2024, driven by the AI-on-the-Edge technology. Over the past 12 months, the company’s headcount has grown by 3X, while its revenues have grown by 5X. In a recent announcement, SatSure also launched a joint product with TransUnion CIBIL, which combines the power of the bureau’s credit information and SatSure's analytics stack that generates crop intelligence using multi-spectral satellite imagery and machine learning.

“We are both happy and proud to have India's three major private financial institutions as our investors. It is a validation of our products and the team for creating a real-life impact on the lives of people using space technology. We will continue building an organization with a goal of creating an end-to-end EO data and analytics stack for delivering decision intelligence across multiple sectors.” said Prateep Basu, Founder & CEO of SatSure.

About SatSure

SatSure, headquartered in Bengaluru, India, was started in 2017 by Prateep Basu, Rashmit Singh Sukhmani, and Abhishek Raju. Prateep and Rashmit are alumni of Indian Institute of Space science and Technology (IIST) and Indian Space Research Organisation (ISRO). SatSure offers three main decision intelligence product suites: a) SatSure Sparta: a platform for providing agriculture and climate-related insights b) SatSure Sage: loan life cycle risk monitoring and business intelligence platform for agriculture financial services; c) SatSure Skies: high-resolution satellite imagery-based infrastructure change detection platform.

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Sarvesh Kurane