Bengaluru-based spacetech startup SatSure Analytics Pvt Ltd on Monday said it has raised an undisclosed sum from ICICI Bank, Kotak Mahindra Bank and HDFC.
The banks will play a strategic role, as funding comes at a time during SatSure’s closing of its Series A funding round of Rs 120 crore.
In 2021, the company had Rs 34 crore in a pre-Series A fundraise led by Baring Private Equity India, with ADB Ventures.
SatSure’s will use the fresh funds to boost its work of owning a fleet of four high-resolution data-producing satellites by 2024.
“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,” said Renu Sud Karnad, managing director, HDFC.
Jaimin Bhatt, group president and group CFO of Kotak Mahindra Bank, said, “Investment in SatSure strategically aligns with Kotak Mahindra Bank’s goal of partnering with companies that have a high potential to create large-scale impact across different sectors.”
“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,” Bhatt added.
Over the past one year, the company said its headcount has grown by times while claiming the revenues to have grown by 5X.
SatSure was founded in 2017 by Prateep Basu, Rashmit Singh Sukhmani, and Abhishek Raju. It is a decision analytics company that leverages advances in satellites, machine learning and big data analytics to help solve problems at the nexus of sustainability of food, water, and energy security.