SatSure, a Bengaluru-based space-tech startup, has raised an undisclosed amount of equity funding led by Baring Private Equity India on 1 November 2021.
About Baring Private Equity India: BPEP India is a member of Baring Private Equity International. Founded in 1984, Baring Private Equity Partners has a rich heritage of entrepreneurial initiatives that began nearly three decades ago when the firm became one of the first pan-European private equity capital providers.
The Objectives behind the funding: The company plans to deploy the current proceeds to hire more people to increase its product portfolio and grow its international business footprint while also capitalizing on its high-resolution optical and multispectral payload demonstration mission in orbit that was announced earlier this year.
Founded in 2017 by Indian Institute of Space Science and Technology alumni Prateep Basu and Rashmit Singh Sukhmani, along with Abhishek Raju, SatSure is an innovative decision analytics leveraging advances in satellites remote sensing, big data analytics, and machine learning to provide answers to big area questions across the domains of Agriculture, Banking & Financial Service, Infrastructure and Climate Change Mitigation. The startup has been recognized by reputed international and domestic organizations, such as the World Economic Forum, Ministry of Agriculture & Farmers Welfare, and the Asian Development Bank, to name a few. SatSure has tie-ups with companies like Reliance General Insurance, ICICI Bank, and Samunnati Finance, among others, and aims to expand its team to 100 people by March 2022 with this fresh round of funding.
What the Founder has to say:
“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,” said Prateep Basu, CEO at SatSure. “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.”
What the Investor has to say:
“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,” said Arul Mehra, partner at Baring Private Equity India.
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