Kolkata-based AI startup, Data Sutram on Thursday announced that, “It has raised an undisclosed amount from IIFL Fintech Fund.”
Founded in 2018 by Jadavpur University engineering graduates, Rajit Bhattacharya, Aisik Paul, and Ankit Das, Data Sutram is an AI-backed location intelligence data platform that aggregates data from 250+ partners to provide intelligence on places and people.
Besides investing in Data Sutram, IIFL Finance and IIFL Securities sponsors of the fund 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, where it wants to expand further.
Speaking on the funding, Rajit, Founder & CEO of Data Sutram said “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 fintech, 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”
Speaking on the latest investment, 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.”