SUMMARY
The funding round was led by Bharat Fund and also saw participation from Singularity Growth Funds and existing investors Indian Angel Network, IndiaInfoline, among others
Data Sutram will use the fresh funds to expand to new markets, like Gulf countries and the Southeast Asian region, and increase its product offerings
Founded in 2018, Kolkata-based Data Sutram provides insights to banks on customer behaviour based on their locations using its artificial intelligence platform
B2B SaaS startup Data Sutram has raised $3 Mn funding in its Series A round led by Bharat Fund. The funding round also saw participation from Singularity Growth Funds and existing investors Indian Angel Network, IndiaInfoline, White Venture Capital, among others.
The startup will use the fresh funds to expand to new markets and increase its product offerings.
“Since inception, we have been able to serve the banking sector of India with our services. The idea is to deploy the fresh funds to offer such services across new and emerging markets such as the Gulf countries and Southeast Asian region,” Data Sutram cofounder and CEO Rajit Bhattacharya told Inc42.
Founded in 2018 by Bhattacharya, Aisik Paul, and Ankit Das, Kolkata-based Data Sutram provides insights to banks on customer behaviour based on their locations using its artificial intelligence platform. It collates data from more than 250 sources.
Talking to Inc42, cofounder and CEO Bhattacharya said, “Since inception we have been able to serve the banking sector of India with our services. The idea is to deploy the fresh funds to offer such services across the new and emerging markets which are the Gulf countries (GCC) and Southeast Asia (SEA) regions.”
Bhattacharya said Data Sutram currently offers three products – DS Find, DS Authenticate, and DS Grow. The startup claims to cater to over 50 enterprises in India, of which over 20 are large financial institutions.
“All our products are designed to help banks acquire customers and to cross sell and upsell products,” the CEO said, adding that the startup is now working on new products for the domestic market.
As part of its efforts to grow its product stack, the startup is also developing a product related to collection and other functional areas for banks.
Last year, Data Sutram bagged funding of $2.07 Mn in a round led by Varanium Capital and Yatra Angel Network to expand into new geographies and sectors. Overall, the startup has raised $6 Mn in funding to date.
With the increase in internet penetration in the country, data is at the core of every process at the sales front today. According to a Research And Markets study, the Indian big data market was valued at INR 15,724 Cr in 2022 and is expected to reach a size of INR 25,322 Cr by 2027, expanding at a CAGR of 10.60% during the 2023-2027 period.
Earlier this year, another data analytics startup Course5 Intelligence raised $28 Mn funding from 360 ONE Asset Management to enhance its products and services.
