BANGALORE, India, April 2, 2024 – SatSure, a pioneering DeepTech company specializing in helping enterprises improve their quality of decisions with earth observation data, is pleased to announce an equity investment from TransUnion (NYSE: TRU), the global information and insights company.
India-based SatSure leverages satellite imagery and artificial intelligence (AI) to improve decisioning quality and deliver intelligence for various industries, primarily agriculture, as well as finance, utilities, aviation, and forestry. The new round of financing will be used by the company to accelerate its product innovation with TransUnion in India.
Several leading private sector banks in India are investors in SatSure, including HDFC Bank, ICICI Bank and Kotak Mahindra Bank, because of its offerings for farmer financial inclusion in India.
In 2022, TransUnion CIBIL and SatSure partnered to jointly launch the CIBIL Credit & Farm Report (CCFR), which provides a one-stop view of credit information, crop insights, and land information to credit institutions that supply agricultural loans to farmers. This CCFR solution supports lenders in improving the flow of credit to the agricultural sector using data oriented and digital credit assessment capabilities. The CCFR also helps organizations make quicker and more astute decisions on agricultural lending and is supporting speedier and efficient disbursement of credit to farmers, agricultural sector entrepreneurs, and businesses. As a result, TransUnion CIBIL and SatSure are able to advance financial opportunity and inclusion for a segment of the population often unable to access credit in a timely manner.
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.
