- The company provides intel on people & places with data from over 250+ sources
- The fresh funds will be used to build and enhance new and existing products respectively as well as scale to new geographies & sectors.
Mumbai : In today’s world where data is the new oil, alternate data plays a crucial role in business decision-making. With the aim to help bridge this gap between business growth and data requirements across various business functions and operations, location intelligence startup DataSutram has announced a USD 2.07 million in a funding round led by Varanium Capital and Yatra Angel Network. The round also saw participation from DMI Finance’s Sparkle Fund, White Ventures, Seeders LLP, the notable angel investors from the banking and financial services domain, and existing investors: IIFL Fintech Fund and Indian Angel Network.
Founded in 2018, Data Sutram was founded by engineers from Jadavpur University – Rajit Bhattacharya, Aisik Paul, and Ankit Das – to make actionable insights readily available for every address in India. The proprietary AI and ML-driven data engine automatically converts raw unstructured data from satellites, mobile phones, POS machines, and several other sources to create insights that capture how people live and behave, available for any location upto 100m granularity.
Commenting on the announcement, Rajit Bhattacharya, Co-founder, and CEO, Data Sutram said, “Today, India is home to the fastest-growing data science communities, however, the challenge here is- without the right data, all these AI & ML models are going to be ‘garbage-in & garbage-out. With Data Sutram, the idea is to create actionable data that people can act on & take decisions that give an incremental lift to business operations”
“The Insurance, Lending & Banking sectors have been showing significant shifts in the last decade. This brings in a growing need for fintech and traditional companies to use alternative intelligence and enhance customer acquisition, credit underwriting, and distribution planning. Data Sutram is addressing these challenges and is playing an active role in bridging this gap” said Aparajit Bhandarkar, Partner, Varanium NexGen Fund.
Data Sutram provides sector-focused data packages that help companies acquire customers, understand the credit risk at an address level, open ATMs, branches, stores, plan resources, do competitor benchmarking and enhance their overall growth strategy. Post this round, the startup is looking to scale its operations beyond India to South-East Asia & the Middle East and further invest in new data sources. The company has earlier also raised funds from 100xVC, Indian Angel Network, and IIFL Fintech Fund.