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Satellite imagery help banks assess farmers' income, repayment capacity

Economic TimesEconomic Times · 7m ago
Satellite imagery help banks assess farmers' income, repayment capacity
Medial

The government of Uttar Pradesh is collaborating with the International Finance Corporation to provide APIs of the state's land records and farm boundaries to SatSure and other companies under the AgriStack initiative. SatSure is a Bengaluru-based space tech company that uses satellite imagery and AI algorithms to provide risk assessments and insights on crop health and productivity. This information helps banks assess a farmer's income and loan repayment capacity. Another company, Dhruva Space, has announced AstraView, a commercial satellite imagery service that provides high-resolution insights for operational efficiency and environmental tracking. Geospatial data is increasingly valuable across industries such as banking, insurance, and agriculture.

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Google launches AI-based agricultural information tool for India to provide insights on drought preparedness, irrigation

LivemintLivemint · 11m ago
Google launches AI-based agricultural information tool for India to provide insights on drought preparedness, irrigation
Medial

Google has unveiled its Agricultural Landscape Understanding (ALU) tool, aimed at providing granular agricultural information to farmers in India. The AI-powered platform utilizes high-resolution satellite imagery and machine learning to deliver data on crop types, field sizes, drought preparedness, irrigation, and market access. It was launched during Google I/O Connect in Bengaluru and aims to help farmers overcome challenges such as accessing capital and subsidies while improving crop yields through AI and remote sensing. The tool was developed in collaboration with Anthro Krishi team, India's digital AgriStack, and has already been adopted by multiple organizations, including the government.

MapMyCrop bags $1.8 Mn in seed round

EntrackrEntrackr · 4m ago
MapMyCrop bags $1.8 Mn in seed round
Medial

MapMyCrop bags $1.8 Mn in seed round Farm management software MapMyCrop has raised $1.8 million in a seed funding round led by YourNest Venture Capital along with participation from other angel investors, including Eaglewings Ventures. The funding comes as part of the YourNest-SanchiConnect Velocity Program 2024. The startup had previously raised an undisclosed amount in the same round from Startup Wise Guys and others. The proceeds will be used to expand operations, close pilot orders, strengthen the sales & operations team, and advance the platform’s technology, MapMyCrop said in a press release. Launched in 2021 by Swapnil Jadhav and Rajesh Shirole, MapMyCrop is a first 360-degree imagery agro suite, centralising critical agricultural data into a single, user-friendly platform. The platform aims to make precision farming accessible to farmers of all scales. It combines satellite imagery, IoT, and AI-driven insights to help farmers and enterprises monitor, predict, and optimise crop health with unmatched precision. MapMyCrop states that it currently supports over 4.7 million farmers globally and collaborates with organisations such as the US FDA on crop monitoring and sustainability initiatives. It is also planning to launch new solutions, including an AI-based farm credit score tool and a dedicated forest monitoring system. MapMyCrop aspires to penetrate emerging markets in Africa, Latin America, and Southeast Asia while deepening its presence in the US and Europe. The company is also working on localised solutions for different regions, addressing specific agricultural challenges with tailored AI-driven insights. According to market research, the agritech market is estimated to reach $45 billion globally by 2028. MapMyCrop claims to be a first complete 360-degree imagery agro suite, which includes five suites: onboarding, crop monitoring, detection, prediction, and sustainable agriculture add-ons. Its onboarding suite offers automated crop field boundary delineation, crop type detection, and a historical data repository for easy land use comparison.

DeHaat integrates NEERX’s SHOOL

EntrackrEntrackr · 1m ago
DeHaat integrates NEERX’s SHOOL
Medial

url: https://entrackr.com/snippets/dehaat-integrates-neerxs-shool-9329326 Content: DeHaat has acquired NEERX’s real-time soil and weather monitoring technology into its services, for an undisclosed amount. The acquisition brings NEERX’s capabilities in satellite imagery and cloud-based analytics to the DeHaat platform. Farmers using DeHaat will now have access to real-time insights on soil and weather conditions through SHOOL sensors, aimed at improving agricultural decision-making. NEERX’s core product, SHOOL, is an ISRO-validated soil sensor that provides data to optimise irrigation, nutrient application, and crop productivity. The system combines on-ground sensors with satellite data to deliver updates that help in managing crop health, resource use, and farm productivity. NEERX was founded by Nikita and Harsh, who will now be working with the DeHaat team to support the deployment and scale of this technology. DeHaat’s extensive network includes over 15,000 DeHaat Centres and partnerships with more than 1,000 agribusiness institutions. Founded in 2012, DeHaat offers farming solutions, including advisory, quality input delivery, and market linkages, operating in over 12 states. DeHaat continues to expand its digital agriculture ecosystem with a focus on integrated, tech-based services for smallholder farmers. The partnership marks a step towards broader application of sensor-based intelligence in Indian farming. In January this year, DeHaat had acquired AgriCentral from Olam Agri through an all-cash deal.

NABARD, RBI Join Hands To Ease Digital Agri Lending

Inc42Inc42 · 1y ago
NABARD, RBI Join Hands To Ease Digital Agri Lending
Medial

The National Bank for Agriculture and Rural Development (NABARD) and the Reserve Bank of India's subsidiary RBIH have partnered to speed up agricultural loan processing. NABARD will integrate its e-KCC loan origination system portal with RBIH's Public Tech Platform for Frictionless Credit (PTPFC). This collaboration aims to reduce loan approval time from three to four weeks to just five minutes for India's farmers. The integration will provide cooperative banks and rural banks access to various services like digital land records, satellite data, KYC, credit history, and transliteration for more effective credit underwriting. The goal is to scale the digital lending platform to cover around 5 crore KCC loans nationwide.

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