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HomePosts Tagged "SatSure"
Company News, Finance, India, Institutions, Start ups

CCFR will help drive speedier and efficient disbursement of credit to farmers, agricultural sector entrepreneurs, and businesses

TransUnion CIBIL, in collaboration with geo-spatial data analytics provider SatSure, has launched the CIBIL Credit and Farm Report (CCFR). This powerful solution will support lenders in improving the flow of credit to the agricultural sector using data oriented and digital credit assessment capabilities. The CCFR will lead to quicker and more astute decisions on agricultural lending and will help drive speedier and efficient disbursement of credit to farmers, agricultural sector entrepreneurs, and businesses.

The CCFR combines the power of credit information from TransUnion CIBIL and crop parameters based on geo-spatial data from SatSure to provide a holistic solution to lenders for making credit decisions on agricultural lending. It offers a digitally-powered and analytics-oriented ecosystem for agricultural financing and policy making, helping catalyse the rapid development of farming and agriculture across India. The CCFR can also help support regulators, policy institutions and stakeholders in India’s financial ecosystem with data analytics and insights for driving sustainable growth and financial inclusion in the agricultural sector.

Agricultural credit reach and regional disparity (credit not in proportion to their share in agriculture output) are also cited as some of the key challenges in the Reserve Bank of India’s report by the working group on agricultural credit. Other information challenges in agricultural lending include the lack of data on determinant credit parameters such as district-wise input cost for a crop, type of crops being grown, crop-wise sown area, the number/share of small and marginal farmers cultivating a crop, and data about allied activities being undertaken by small and marginal farmers.

Speaking on how the CCFR can help catalyze agricultural credit inclusion, Rajesh Kumar, MD and CEO of TransUnion CIBIL, explained,“Of India’s 14.6 crore1 farmers, only 5.7 crore have accessed credit from the formal lending ecosystem. One of the key roadblocks for credit penetration in the agricultural sector is the unavailability of a single, holistic source of information for assessing credit risk and production risk. Now that the CCFR is making contemporary credit insights along with crop production and production risk parameters available, lenders will have a comprehensive view for astute agricultural credit risk management and policy implementation.”

The CCFR provides parameterised credit details along with information about farm details and crop performance, ownership details, and other important regional metrics in a scientific manner derived from geo-spatial, remote sensing data along with government published APIs. The nuanced information in the CCFR offers credit institutions a one-stop view of borrowers and furthers the digitization of agri- loans to aid in quick disbursals, lowering appraisal costs, and increasing the user base,” said, Prateep Basu, founder and CEO of SatSure.

CCFR will help drive speedier and efficient

Agrotech, Start ups

CropTrails will help SatSure expand and strengthen its international market reach into its target geographies in Africa, LATAM and SEA

Bangalore based SatSure, a deep tech startup working at the intersection of spacetech, Artificial Intelligence (AI), and Software as a Service (SaaS) to drive decision intelligence, is pleased to announce the acquisition of SaaS application CropTrails, which was conceptualised and incorporated in the year 2018 by Indore-based startup OEPP Innovations Private Limited.

CropTrails is a web and android application designed to bridge gaps in the processes of farm management. The mobile application is used as an information collecting tool by the field officers or supervisors to record and digitise information about farmers, farms and crops. The application allows the users to monitor and control the crop cycle, track input usage like fertilisers, access weather forecasts, and track farm visits by the supervisors, among others. CropTrails also doubles as a field force productivity monitoring tool with in-built role-based user management.

This development comes in after SatSure raised $5 million in Pre-Series A funding in a round earlier this year. SatSure shall be transforming CropTrails into a no-code platform for IT teams of agribusinesses to rapidly prototype and build their in-house tool that can be easily integrated with SatSure Sparta’s datasets.

“Farm digitisation tools like CropTrails are necessary for countries such as Nigeria and the Philippines. It forms the first digital layers on top of which other services can be rendered. Thus, this acquisition will help SatSure expand further and strengthen its international market reach into its target geographies in Africa, LATAM and SEA. SatSure will also use the collected data and feed it into its proprietary algorithms to increase its learning rate as part of this deal,” said Prateep Basu, founder and CEO of SatSure.

CropTrails will help SatSure expand and strengthen