Data Sutram Secures $3 Million in Funding to Fuel BFSI Growth Solutions

• ByStartupStory     |    September 27, 2023

Data Sutram, an emerging B2B SaaS company, has successfully raised $3 million in its latest funding round aimed at advancing its mission of helping enterprises find answers for growth within the Banking, Financial Services, and Insurance (BFSI) sector.

The investment is a testament to the confidence investors have in Data Sutram’s vision, technology, and product capabilities. Leading this funding round is Bharat Fund, with participation from Singularity Growth Fund, IIFL, YAN, White Venture, and other existing investors. This marks a significant milestone in the startup’s growth trajectory, enabling the company to fortify its product portfolio and drive growth in the BFSI sector.

Data Sutram specializes in addressing core banking challenges, providing insights derived from GDPR-compliant data collected from over 250 sources. Their product suite, known as Find, Authenticate & Grow, has gained significant traction among major banks, Non-Banking Financial Companies (NBFCs), and fintech companies worldwide.

Rajit Bhattacharya, Founder & CEO of Data Sutram, expressed his enthusiasm about this funding, stating, “This funding comes at the right time and gives us the horsepower needed to accelerate growth. Over the last year, we have been focused on acquiring talent and developing deep tech products powered by external intelligence. Senior leaders from the BFSI domains are now leading sales, product development, and engineering efforts. This addition of funds coupled with human capital will give us the necessary edge to drive innovation within the fintech space. We are excited to see what the future holds.”

The funds raised will be allocated towards further enhancing Data Sutram’s product offerings, specifically aimed at facilitating customer acquisition, credit underwriting, fraud investigation, and collections within the financial services sector.

Sanjay Jain, Partner at Bharat Fund, commented on their partnership with Data Sutram, saying, “Data Sutram has demonstrated its ability to create an infrastructure that provides industry with actionable, reliable intelligence on fraud and risk, thus allowing their enterprise customers to optimize their costs when delivering to previously underserved markets. This has been validated with their work with leading institutions in India, and we are glad to partner with them to solve for smart customer acquisition, risk, and loss management.”

Data Sutram has successfully structured data on over 60 million businesses and 1 billion consumers, spanning 20,000 pincodes and 200+ categories. This wealth of data enables them to provide insights that foster smart growth and reduce risks. Recently, the company’s latest product offerings received acclaim at the Global Fintech Fest 2023 (GFF), where industry leaders recognized their vision for financial inclusion and building resilient systems.

Vikrant Khorana, Operating Partner at Singularity Growth Fund, emphasized the global importance of data infrastructure in fintech, stating, “Data Infrastructure in Fintech is increasingly becoming important globally, and Data Sutram has demonstrated very good initial traction.”

Data Sutram has also expanded its leadership team with Upendra Namburi leading revenue growth as the Chief Business Officer. Namburi brings a wealth of experience from the banking and insurance sectors, having held leadership roles with Bharti AXA General Insurance, SBI Cards, ICICI Bank, and ABN AMRO.

“Banks and financial service organizations now need to play smarter to gain share and profitability. Our products offer the edge required by product, sales, and risk professionals to accelerate growth and increase business efficiency, like never before,” said Upendra Namburi, Chief Business Officer at Data Sutram.

Founded in 2019 by Rajit Bhattacharya, Ankit Das, and Aisik Paul, Data Sutram is a Mumbai-based startup that provides solutions for smart accelerated growth in markets, businesses, consumers, and risk, with a particular focus on the BFSI sector. Their proprietary framework blends unstructured and structured data from over 250 sources, providing intelligence on over 1 billion consumers and 60 million businesses. Additionally, the Data Sutram platform can seamlessly integrate internal client data and financial regulated data to drive growth.

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