B2B SaaS Startup Data Sutram Raises $9 Million in Series A Funding

B2B SaaS startup Data Sutram has successfully raised $9 million in its Series A funding round, co-led by B Capital and Lightspeed. This significant development was first reported by Startup Superb in January of this year.

In September 2023, Data Sutram secured an additional $3 million in funding, which was led by Singularity Growth Fund along with other investors. Earlier, in February 2022, the company obtained $2.07 million in a funding round that was spearheaded by Varanium Capital and Yatra Angel Network.

The capital generated from these funding rounds will be allocated to expanding into new sectors such as cryptocurrency, real-time payments, gaming, e-commerce, and insurance. Additionally, Data Sutram plans to enhance its AI capabilities and explore international markets in the Middle East and Southeast Asia.

Startup Superb’s sources indicate that Data Sutram is targeting a post-money valuation between $60 and $70 million, although the company has not publicly revealed its current valuation.

Founded by Rajit Bhattacharya, Sagnik Poddar, and Ankit Das, Data Sutram assists banks, non-banking financial companies (NBFCs), and fintech firms in detecting fraud and managing risk by leveraging AI and data from over 250 sources. The firm claims to help lower the creation of mule accounts, improve approval rates, and reduce non-performing assets. To date, it has screened over 110 million identities.

Data Sutram employs a ‘Trust Score’ mechanism to identify risks such as identity theft and synthetic identities. Furthermore, it provides a comprehensive customer view while ensuring compliance with privacy regulations.

For the fiscal year ending March 2024 (FY24), Data Sutram has reported revenue of Rs 5.6 crore, along with a loss of Rs 10.8 crore. More details can be found at various sources.