SatSure, a Bengaluru-based space-technology startup that creates decision insights for the financial and insurance industries using data from satellites, has raised an undisclosed quantity of equity funding round led by Baring Private Equity India. SatSure will utilize the funds to expand its product portfolio and expand its global business footprint, as well as capitalize on its recently announced high-resolution optical and multispectral payload demonstration mission in orbit.
Prateep Basu and Rashmit Singh Sukhmani, as well as Abhishek Raju, from the Indian Institute of Space Science and Technology (IIST), established SatSure in 2017. Before raising its first institutional round of funding, the venture bootstrapped its way to a 50-person team. Reputable domestic and international organizations, such as the Ministry of Agriculture and Farmers Welfare, the World Economic Forum, and the Asian Development Bank, have recognized the firm’s efforts to enable farmer financial inclusion, insurance, Agri inputs, and ClimateTech.
They have developed products for various industries over the last four years where intelligence obtained from space data constitutes the backbone of the offering, which is globally expandable, proving that such a company can be created sustainably, stated Prateep Basu, CEO of SatSure. Their vision is to build a full-stack space-tech company out of India that owns the data source, data engine, and software and can provide end customers with simple plug-and-play solutions.
SatSure has a very creative approach to establishing a company in a DeepTech sector like space technology. They make space data insights easily consumable and transferable across industries. Their SaaS product for farm risk monitoring and assessment has facilitated reputable financial institutions in India and other emerging markets to provide on-demand credit to farmers. Their insurance products save insurance companies money on underwriting, supervising, and claims in various categories, explained Arul Mehra, A Partner at Baring Private Equity India.
SatSure has partnerships with ICICI Bank, Reliance General Insurance, and Samunnati Finance, among others, and plans to expand its team to 100 people by March 2022 with this fresh round of funding.
SatSure is a decision intelligence company that focuses on the intersection of space technology, AI, and sustainability. SatSure has three main products: the freemium SatSure Sparta platform for agriculture and climate insights; the SatSure SAGE life cycle risk monitoring and business intelligence product offering for agriculture financial services; and the SatSure SKIES high-resolution satellite imagery-based infrastructure change detection platform.
For more information, visit https://satsure.co/
About Baring Private Equity India
With 22 years of investment experience across sectors and economic cycles, Baring Private Equity India, a member of Baring Private Equity International, which has over $18 billion in funds under management, is one of the oldest PE funds in India. Over the last twenty years, Baring India’s funds have invested in over 70 companies across four funds and have prestige for building exceptional businesses.
For more information, visit http://www.bpepindia.com/