Revolutionizing Agriculture to Enhance the Socio-Economic Well-Being of Farmers
Satyukt is a cutting-edge decision analytics platform that provides improvements in satellite remote sensing, machine learning, and big data analytics to answer large-area issues in the agriculture, banking, and financial services industries, as well as insurance firms around the world. During an interaction with Nitisha, Dr. Sat Kumar Tomer-Founder, CEO, Satyukt Analytics discussed the advanced agritech solutions that provide precise farm information for better decision-making, secured funding, and improved sustainability, while expanding globally and launching new products.
Kindly talk about Satyukt and its special offerings.
Satyukt provides precise information about a farm to monitor the current conditions, plan for future actions, and get historical insights. The precise information helps farmers to improve their bottom line in a climate-resilient and environmentally friendly manner, banks and financial institutions to find out the creditworthiness and risk of a farm, crop insurance companies for underwriting and faster claim settlements, and agriculture companies to plan their supply chain optimally.
Satyukt has recently raised INR 10 Crores in seed funding from NABVENTURES. What will be your upcoming agenda?
Grow the Sat2Farm product in the Indian and international markets and launch the Sat2Credit product.
The raised funds will aid in expanding the reach of existing products to the masses in order to cater to the growing demands of the digitization of global agriculture. With the fundraised, the current Saas-based model of Satyukt’s, which already possesses the ability to mitigate crop losses caused by nutrient deficiency, pests, disease; water stress, etc. can now be transformed into a more advanced and sophisticated iteration. Satyukt aims to narrow the divide between existing technological solutions that offer precision and scalability. Satyukt aspires to achieve this by further refining its cutting-edge technology into a more advanced version that maintains both precision and scalability concurrently catering to both national and international market.
Satyukt is all set to launch the product for credit, insurance, and risk management, an unparalleled product for any stakeholders interested in mitigating the associated risks. The product is being developed focussing on business entities- agriculture companies, commodity traders, banks, BFSIs- any entity seeking farm-specific insights enabling creditworthiness and quick disbursal of loans.
What steps the company has been taking for making farmers’ life easier?
With our advanced technology, our commitment lies in revolutionizing agriculture to enhance the socio-economic well-being of farmers and simplify their livelihoods. Through precision soil testing and pest and disease advisory, they not only save the cost which is spent on inputs but also increases the overall productivity and the quality of the products as the crop grows well under optimum conditions. The data can help farmers determine the appropriate fertilizers and soil amendments to use. Our satellite-based soil testing technology provides access to these findings, which eliminates the need to travel to pick them up, providing accurate results with regard to major soil nutrients, covering NPK, SOC, and pH. Reports of soil tests are available immediately without any physical intervention. Worldwide accessibility without the need to travel long distances and no soil samples need to be taken physically. Crop advisories provide farmers with up-to-date information on the occurrence, severity, and management of pests and diseases in agricultural crops. These advisories are important tools for preventing and managing pest and disease outbreaks, which can have a significant impact on crop productivity and food security.
What kind of challenges the agriculture industry is facing in terms of technology and what will be your focus key areas?
The agriculture sector faces significant technological challenges, centered on key concerns like water stress, soil nutrient depletion, financial losses from low yields, crop losses due to pests and disease, and changing climate conditions. These challenges are particularly daunting for small farmers due to limited technology adoption, seasonality, high cost, and diverse market needs. To address this Satyukt utilizes advanced data analytics and AI for precision agriculture offering insights for irrigation, pest management, input optimization, and crop planning. Their solutions leverage satellite data to tailor practices based on field conditions in real time, enabling efficient resource use and waste reduction. The usage of microwave satellite data sets Satyukt apart from other industries as Satyukt can digitally offer insights consistently throughout all seasons, even in the presence of cloud cover. This ensures continuous support with affordability even for small land-holding farmers’ decision-making processes regardless of weather challenges without any hardware on the ground and physical intervention.
How the company has been adhering to Sustainable Development Goals (SDGs)?
Satyukt is harnessing cutting-edge technologies to enhance the income of all the farmers, including those with small holdings, on a global scale. Through digital tools, Satyukt offers precise guidance to farmers, promoting higher crop yields and environmentally conscious practices like the reduction of unnecessary inputs that ensure sustainability and climate resilience. Positioned as a next-generation technology company, Satyukt is dedicated to addressing numerous agricultural challenges by offering solutions within an agricultural framework aligning seamlessly with the following Sustainable Goals (SDGs):
- Zero hunger,
- Clean water and sanitation,
- Industry innovation and infrastructure,
- Responsible consumption and production,
- Climate action and
- Partnership for the goals.
What are your marketing plans for the year 2023-24? Kindly elaborate.
Satyukt is planning to expand its business to different geographies across the world to realize the goal of reducing the gap between crop loss and profitability. With the received funding Satyukt is currently strategizing to enhance its Go-to-market approach by extending the reach of its Saas-based application and platform accessible to a more diverse user base. With this approach, Satyukt is aiming to tap into new segments and demographics to increase the market presence and engagement while effectively addressing the needs of a wider range of users. With this goal, Satyukt aims to capture the target segment initiating with an audience from Africa, Latin America, and South East Asia.
How was the year 2022 in terms of business and what will be your upcoming announcement or product launch this year?
2022 was a great year to embark on our unwavering commitment to innovation, sustainability, and the betterment of agriculture through our technology. Through our cutting-edge agritech solutions, we stood by our commitment to revolutionizing farming practices and enhancing agricultural sustainability. We continued to cross the boundaries of what was possible in agriculture, through our expansion in most of the states of India. Satyukt’s client base covered most of the states of India until 2022: Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, Maharashtra, Gujarat, Madhya Pradesh, Orissa, West Bengal, Bihar, Uttar Pradesh, Rajasthan, Uttarakhand, and Assam.
Satyukt also marked its strong foothold outside the Indian border like in Guyana and a few countries in Africa. In 2023 Satyukt is in the process of expanding its presence beyond India’s border massively.