Bengaluru-based space-tech startup SatSure Analytics India Pvt Ltd on Monday said it has raised its first institutional round of funding led by Baring Private Equity India.
SatSure will use the fresh capital for global expansion and hiring, it said in a statement without disclosing the amount it raised.
Part of the funds will also be deployed for its high-resolution optical and multispectral payload demonstration mission in orbit that was announced earlier this year, it added.
The startup was founded in 2017 by Prateep Basu, Rashmit Singh Sukhmani, and Abhishek Raju.
SatSure is an innovative 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.
SatSure's Basu said that the company has developed products for various markets where intelligence derived from space data forms the core of the offering.
"Our vision is to create a full-stack space-tech firm out of India that owns the data source, the data engine, and software that shall offer simple plug and play solutions to end customers," he added.
Arul Mehra, partner at Baring Private Equity India, noted that SatSure makes insights from space data easily consumable with applicability across sectors. For instance, the company's software as a service (SaaS) product for farm risk assessment and monitoring has helped financial institutions to provide on-demand credit to farmers in India and other developing economies, explained Mehra. Besides, its insurance products offer savings to insurers on underwriting, monitoring and claims for multiple categories, he added.
Baring Private Equity India is one of the earliest private equity funds in India with 22 years of investment experience across sectors. It has earlier backed companies such as non-bank lender Muthoot Finance Ltd, consumer goods makers Marico Ltd and Dabur India Ltd, and drugmaker Indoco Remedies Ltd.
The Rahul Bhasin-led entity was spun out of Dutch financial services firm ING as part of a management buyout of different units globally and operates separately from Baring Private Equity Asia.