Data Sutram Set to Secure New Funding
B2B SaaS firm Data Sutram is in the final stages of acquiring between $10-12 million in its upcoming funding round, as reported by sources knowledgeable about the situation. This round is taking place just 15 months after the company’s previous funding.
According to insiders, leading firms for this funding round include Lightspeed Venture Partners and B Capital, with the deal anticipated to conclude shortly. Additionally, current investors are expected to participate.
Company Overview
Established in 2018 by Rajit Bhattacharya, Aisik Paul, and Ankit Das, Data Sutram has developed a proprietary AI and ML-driven data engine that efficiently transforms raw unstructured data from various sources, including satellites, mobile devices, and point-of-sale machines. The company offers a product suite comprising:
- Find
- Authenticate
- Grow
This suite has seen considerable uptake among prominent banks, non-banking financial companies (NBFCs), and fintech firms around the globe.
Impact and Insights
Data Sutram claims that its data-driven insights lead to:
- A threefold increase in sales
- A 45% reduction in fraud incidents
- A 1.5 times enhancement in customer lifetime value (CLTV)
Previous Funding Rounds
In September 2023, Data Sutram secured $3 million in funding, led by Singularity Growth Fund, among other contributors. Earlier, in February 2022, the company raised $2.07 million in a funding round headed by Varanium Capital and Yatra Angel Network.
Valuation Expectations
Sources indicate that Data Sutram is targeting a valuation of between $60-70 million (post-money).
Inquiries directed to Data Sutram, Lightspeed, and B Capital went unanswered prior to the publication of this article.
Financial Overview
For the fiscal year ending in March 2024 (FY24), Data Sutram reported revenues of Rs 5.6 crore, along with a loss of Rs 10.8 crore. Further information is available through various sources.
Investor Activity
In July 2022, Lightspeed raised $500 million for its latest fund focused on India and Southeast Asia. Since then, it has invested in multiple startups, including Sarvam AI, Seekho, Zluri, Gushwork.ai, XFlow, BlueLearn, GlobalFair, and Exponent Energy. Meanwhile, global investment firm B Capital, which has backed companies such as Byju’s, Meesho, and Pharmeasy in India, closed its second Opportunities fund at $750 million in March of the previous year.