The Bengaluru-based space-technology startup, SatSure, which builds decision insights using data from satellites for the banking and insurance sectors, recently raised an undisclosed amount of equity funding led by Baring Private Equity India.
The company plans to use the capital to hire more people to grow its product portfolio and increase its international business footprint while also capitalising on its high-resolution optical and multispectral payload demonstration mission in orbit that was announced earlier this year.
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“Over the last four years, we have developed products for various markets where intelligence derived from space data forms the core of the offering, which is globally scalable, proving that such a business can be built sustainably. 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,” said Prateep Basu, CEO, SatSure.
Arul Mehra, Partner at Baring Private Equity India, said, “SatSure’s approach to building a business in a DeepTech sector like space technology is very unique. They make insights from space data easily consumable with applicability across sectors. Their SaaS product for farm risk assessment and monitoring has enabled reputed financial institutions to provide on-demand credit to farmers in India and other developing markets. Their insurance products provide significant savings to insurance companies on underwriting, monitoring and claims for multiple categories”.
Founded in 2017 by the Indian Institute of Space Science and Technology (IIST) alumni Prateep Basu, Rashmit Singh Sukhmani, and Abhishek Raju, the startup has since bootstrapped its way to a 50+ people team before raising its first institutional round of funding. The company’s work in the areas of enablement of farmer’s financial inclusion, insurance, Agri inputs and ClimateTech has been recognised by reputed international and domestic organisations, such as the Ministry of Agriculture & Farmers Welfare, World Economic Forum, and the Asian Development Bank, to name a few.
Currently, it has tie-ups with companies like ICICI Bank, Reliance General Insurance, and Samunnati Finance, among others, and looks to expand its team to 100 people by March 2022 with this fresh round of funding.