AI-backed location intelligence data platform Data Sutram recently raised funding for an undisclosed amount. IIFL Fintech Fund, one of India’s largest early-stage investors in the fintech space, said that it has invested in the Kolkata-based start-up.
Besides investing in Data Sutram, IIFL Finance and IIFL Securities sponsors have also entered into a strategic partnership with Data Sutram for key sector knowledge and insights. This partnership also marks Data Sutram’s entry into the BFSI space, one where they aim to expand further.
“After working extensively in retail manufacturing, Data Sutram is now eyeing the BFSI segment, which is the intent behind the raise. After early success with several fintechs, banks and NBFCs, we have found great applications of alternate data in – evaluating assets, predicting delinquencies, adjudging risk, recollection planning, etc. We are delighted to get IIFL on board as investors and hope this will give us an edge in the space,” said Rajit Bhattacharya, Founder and CEO, Data Sutram.
Speaking on Data Sutram’s latest developments, Nirmal Jain, Founder, IIFL Group, said, “It is heartening to see start-ups such as Data Sutram using cutting edge technology to solve some of the most pressing problems for the BFSI space. We hope our contribution will help the company build a superior product for the market”.
Founded in 2018 by three Jadavpur University engineering graduates Rajit Bhattacharya, Aisik Paul, and Ankit Das, Data Sutram is an AI-backed platform that gathers intel from external data to provide location-based data intelligence.
In August, IIFL Group, backed by Fairfax Financial Holdings Ltd., launched a dedicated Rs 100-crore early-stage fund to invest in Indian fintech start-ups. Data Sutram is IIFL Fintech Fund’s second investment after FinBox, India’s only platform that simplifies the rollout of embedded lending by handling all compliance integrations, risk management and lender integrations.
Earlier, Data Sutram had been invested in by 100x.VC as a part of their Class 01 & Indian Angel Network.