Agritech startup GreenSat Innovation Labs attracts an undisclosed amount of funding
The undisclosed fresh capital will be used to scale operations in new geographies, enhance tech infrastructure, build high-performance teams across functions, and focus on other business development activities
Satellite imagery data analytics company enabling precision farming and risk mitigation for Indian farmers GreenSat Innovation Labs announced an undisclosed fundraise. Mumbai Angels led the investment round which also saw participation from some US based VCs.
Set up by the duo of Deepak Yadav & Krishna Ghosh, Co-founders, in 2020, GreenSat Innovation Labs uses satellite imagery and precision AI tools like neural network algorithms to integrate their earth observation data for the optimum use of natural resources and its support systems. With the introduction of new features, GreenSat aims to be India's first Faceless Crop Loan app. The platform will focus on bridging the gaps in the sector by bringing banks, insurance companies, buying entities, and most importantly, the farmers on a single platform.
The undisclosed fresh capital will be used to scale operations in new geographies, enhance tech infrastructure, build high-performance teams across functions, and focus on other business development activities.
On the development, co-founders Deepak Yadav & Krishna Ghosh commented, "GreenSat was founded with the mission of transforming the farming industry. We stand by our 15k+ happy farmer families who have experienced higher yields and higher profitability, along with better and low-cost funding through GreenSat. Our journey has been further expedited by the confidence Mumbai Angels have shown in us and our potential. With this contribution by MA, we aim to reach and provide a holistic solution to many more farmers, B2B businesses and connect the entire ecosystem through GreenSat."
Nandini Mansinghka, Co-founder and CEO, Mumbai Angels, said, "Precision Farming using satellite data improves crop yield for farmers as they can make informed, real-time crop management decisions. GreenSat's integrated platform is a confluence of advanced technology, digital finance and more, and I am confident that the fresh capital will enable them to innovate solutions to improve profitability for the agri sector."