TransUnion has recently acquired a minority stake in SatSure, a DeepTech startup based in India. This strategic move is set to bring about a significant transformation in the field of agricultural finance.

Video:Driving Financial Inclusion with Satellite Imagery: A Deep-Dive with SatSure CEO and Senior Advisor

SatSure, a groundbreaking DeepTech company focused on enhancing decision-making for enterprises through earth observation data, is excited to announce an equity investment from TransUnion (NYSE:TRU), a leading global information and insights company.

SatSure, an India-based company, utilizes satellite imagery and artificial intelligence (AI) to enhance decision-making and provide valuable insights for a range of industries. Their main focus is on agriculture, but they also cater to sectors such as finance, utilities, aviation, and forestry. The company plans to utilize the latest round of financing to expedite its product innovation efforts in collaboration with TransUnion in India.

SatSure has attracted investments from prominent private sector banks in India, such as HDFC Bank, ICICI Bank, and Kotak Mahindra Bank. These banks have shown interest in SatSure due to its focus on promoting financial inclusion for farmers in India.

In 2022, TransUnion CIBIL and SatSure collaborated to introduce the CIBIL Credit & Farm Report (CCFR). This report offers credit institutions a comprehensive overview of credit information, crop insights, and land information. It aims to assist these institutions in providing agricultural loans to farmers. This CCFR solution aims to assist lenders in enhancing the credit flow to the agricultural sector by leveraging data-driven and digital credit assessment capabilities. The CCFR plays a crucial role in assisting organizations in making informed decisions regarding agricultural lending. It also supports the expedited and efficient disbursement of credit to farmers, entrepreneurs in the agricultural sector, and businesses. TransUnion CIBIL and SatSure are working together to enhance financial opportunities and promote inclusivity for a significant portion of the population that often faces challenges in accessing credit promptly.

Mr. Prateep Basu, Founder & CEO of SatSure, expressed his enthusiasm about the partnership, stating: “We have been working with TransUnion and TransUnion CIBIL since 2022, and are delighted to have them as an investor in SatSure. This investment is a testament of our shared commitment to leveraging technology for driving financial inclusion in the agriculture finance landscape. With TransUnion’s support, we are poised to not only enhance our joint product development for the Indian market, but also to address the unique challenges of farmer credit access across the globe.”

“TransUnion is committed to helping people across the globe gain access to opportunities that can improve their quality of life. Our investment in SatSure leverages our expertise in information and insights and SatSure’s prowess in building advanced earth intelligence platforms. We expect that our combined insights will provide financial institutions with the capabilities to assess and provide access to finance for millions of farmers, agricultural and allied sector professionals and drive sustainable financial inclusion in India,” said Mr. Rajesh Kumar, MD and CEO of TransUnion CIBIL, a TransUnion group company.

Venkat

The post Spacetech Startup SatSure gets funding from TransUnion to transform agricultural finance appeared first on Venkat Jobs.