Nabard arm invests Rs 10 cr in agritech Satyukt Analytics

Bengaluru: Nabard’s venture investment arm on Tuesday announced a Rs 10 crore investment in Satyukt Analytics, a satellite agri-analytics startup.

Satyukt deploys satellite technology and machine learning to provide software as a service-based advisory services to farmers, as per an official statement. The National Bank for Agriculture and Rural Development (Nabard)-backed Nabventures’ investment, started in 2018, in the Bengaluru-based entity by a team of scientists will help the company develop new farmer-centric products and services, it said.

These include the development of an app to empower farmers with data-driven insights, another one to help financiers and insurers to evaluate a farm’s creditworthiness and credit risk, and also introduce new products for agri input companies and agri insurers, it said. It also has a proprietary technology that can measure farm soil nutrients content within minutes enabling stakeholders to assess soil quality on their mobile devices without visiting the farm, the statement said.