HomeStartup NewsSatSure secures investment from leading banks ICICI, Kotak Mahindra, and HDFC, fueling growth

SatSure secures investment from leading banks ICICI, Kotak Mahindra, and HDFC, fueling growth

The Bengaluru-based company, which works at the intersection of spacetech, AI and SaaS, will use the funding to accelerate its development of a fleet of four high-resolution data-producing satellites by 2024 using AI-on-the-Edge technology.

By CNBCTV18.com February 6, 2023, 11:38:47 PM IST (Published)

Indian deep tech decision intelligence firm SatSure has closed its series A funding round with Rs 120 crore ($16.3m), bringing on board ICICI Bank, Kotak Mahindra Bank, and HDFC Ltd as strategic investors.

SatSure earlier received Rs 34 crores in a pre-series A round led by Baring Private Equity India Pvt. Ltd., with ADB Ventures (Asian Development Bank’s venture arm).

Rakesh Jha, Executive Director at ICICI Bank, stated, “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.”

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Jaimin Bhatt, Group President and Group CFO of Kotak Mahindra Bank, added, “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.”

HDFC Ltd.'s Managing Director, Renu Sud Karnad, said, “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 Bengaluru-based company, which works at the intersection of spacetech, AI and SaaS, will use the funding to accelerate its development of a fleet of four high-resolution data-producing satellites by 2024 using AI-on-the-Edge technology.

Over the past year, SatSure's headcount has grown three-fold and its revenue has increased five-fold. The firm, which was founded in 2017, recently launched a joint product with TransUnion CIBIL that generates crop intelligence using satellite imagery and machine learning.

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