SatSure, a Bengaluru-based space technology startup that builds business intelligence using data from satellites for the banking and insurance industries, has raised an undisclosed amount of equity led by Baring Private Equity India.

SatSure will use the capital to hire more people to grow its product portfolio and increase its international business footprint, while also capitalizing on its in-orbit high-resolution optical and multispectral payload demonstration mission that was announced earlier this year. year.

SatSure was founded in 2017 by Indian Institute of Space Science and Technology (IIST) alumni Prateep Basu and Rashmit Singh Sukhmani, as well as Abhishek Raju. The startup joined a team of more than 50 people before raising its first round of institutional funding.

The company’s work in activating farmers’ financial inclusion, insurance, agricultural inputs and climate technology has been recognized by reputable international and national organizations, such as the Ministry of Agriculture and Farmer Welfare, the World Economic Forum and the Asian Development Bank to name a few. a few.

“Over the past four years, we have developed products for various markets where intelligence derived from spatial data is the core of the offering, which is scalable globally, proving that such a business can be built. in a sustainable manner, ”said Prateep Basu, CEO of SatSure. .

“Our vision is to build a full stack space technology company in India that has the data source, data engine and software that will deliver simple plug and play solutions to end customers,” he added.

“SatSure’s approach to building a business in a DeepTech industry like space technology is quite unique. They make spatial data insights easily usable with applicability to all industries. Their SaaS product for assessment and Agricultural risk monitoring has enabled reputable financial institutions to provide on-demand credit to farmers in India and other developing markets.

Their insurance products allow insurance companies to achieve significant savings on underwriting, monitoring and claims for several categories, ”said Arul Mehra, partner of Baring Private Equity India. SatSure has forged ties with companies like ICICI Bank, Reliance General Insurance and Samunnati Finance, among others, and is looking to expand its team to 100 people by March 2022 with this new round of funding.

(With PTI entries)

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Posted on: Monday November 01, 2021 12:46 IST

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