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Exclusive: Data Sutram to raise $10-12 Mn led by Lightspeed and B Capital

EntrackrEntrackr · 5m ago
Exclusive: Data Sutram to raise $10-12 Mn led by Lightspeed and B Capital
Medial

Exclusive: Data Sutram to raise $10-12 Mn led by Lightspeed and B Capital B2B SaaS company Data Sutram is in advanced stages of securing $10-12 million in a new funding round, according to sources familiar with the development. The new round is coming within 15 months for the Mumbai-based startup. “Lightspeed Venture Partners and B Capital are leading the new round in Data Sutram as the deal is expected to close soon,” said one of the sources. “Existing investors will also participate.” Founded in 2018 by Rajit Bhattacharya, Aisik Paul, and Ankit Das, Data Sutram’s proprietary AI and ML-driven data engine automatically converts raw unstructured data from satellites, mobile phones, POS machines, and several other sources. Its product suite—Find, Authenticate, and Grow—has gained significant traction among major banks, NBFCs, and fintechs worldwide. The company asserts that its data insights drive a 3X boost in sales, reduce fraud cases by 45%, and enhance customer lifetime value (CLTV) by 1.5X. In September 2023, Data Sutram secured $3 million in funding, led by Singularity Growth Fund and other investors. Earlier, in February 2022, the company raised $2.07 million in a funding round spearheaded by Varanium Capital and Yatra Angel Network. As per sources, Data Sutram is looking for a valuation of $60-70 million (post money). Queries sent to Data Sutram, Lightspeed and B Capital remained unanswered until publication of the story. For the fiscal year ended in March 2024 (FY24), Data Sutram reported Rs 5.6 crore in revenue with a loss of Rs 10.8 crore.

Digital fraud-hit banks turn to startups to cope with risks

Economic TimesEconomic Times · 1y ago
Digital fraud-hit banks turn to startups to cope with risks
Medial

Legacy financial institutions in India are turning to data analytics startups for support in strengthening their customer onboarding processes and managing risk. Mumbai-based startup Data Sutram has developed a product called 'DS Authenticator Trust Score' which assesses customer trustworthiness during account opening or credit assessment. The company analyzes data from various sources to assign a trust score. Data Sutram has raised $5.4 million in funding and is supporting institutions such as IndusInd Bank, IDFC First Bank, Union Bank of India, DMI Finance, and IIFL Finance. Other startups, like Bureau Inc, are introducing tools to detect potential money mules during customer onboarding, using device fingerprints and historical data.

Promethean Energy raises $2 Mn in pre-Series A round

EntrackrEntrackr · 1m ago
Promethean Energy raises $2 Mn in pre-Series A round
Medial

Promethean Energy, a cleantech startup focused on decarbonising industrial heating, has raised $2 million in its pre-Series A round led by Transition VC, with participation from Sangam Venture, Sagana Capital, and Fondation Botnar. The proceeds will be used to expand its product line, build AI-based energy optimisation tools, and grow its presence in India and Southeast Asia. The Mumbai-based brand develops industrial-grade heat pump and waste heat recovery systems to replace fossil-fuel-based heating. Its products integrate thermal storage, smart controls, and energy monitoring. The firm offers solutions suited to Indian industrial conditions and operates under both CAPEX and ESCO models. Promethean's systems are used by companies including Hindustan Unilever, Godrej Industries, and Raymond Textiles. The technology is deployed across sectors such as chemicals, textiles, FMCG, and steel, with over 100,000 tonnes of CO2 savings reported annually. It aims to decarbonise 1,000 factories by 2027 and is preparing for international pilots in Bangladesh, Indonesia, and the Middle East.

FarMart bags $10 Mn through equity and debt funding

EntrackrEntrackr · 2m ago
FarMart bags $10 Mn through equity and debt funding
Medial

FarMart allotted 977 Series C CCPS at Rs 4,52,182 per share, with GC India Investment Holdings leading the round with Rs 43 crore, followed by Matrix Partners India (Z47) contributing Rs 1 crore. SaaS-based food supply platform FarMart has raised Rs 84 crore (approx $10 million) through a mix of equity and debt funding. FarMart allotted 977 Series C CCPS at Rs 4,52,182 per share, with GC India Investment Holdings leading the round with Rs 43 crore, followed by Matrix Partners India (Z47) contributing Rs 1 crore, its regulatory filing sourced from the Registrar of Companies (RoC) shows. Besides equity funding, FarMart has issued non-convertible debentures to Stride and Trifecta Venture, totaling Rs 40 crore, the filing shows. The company will use the funds for growth, expansion, and general corporate purposes, as per filings. Entrackr estimates that FarMart has been valued at around Rs 1,800 crore (around $210 million) post-allotment in the latest funding round. FarMart’s B2B platform digitizes the supply chain for agricultural inputs and produce, connecting nearby buyers and sellers to reduce logistics costs associated with long-distance transportation. The company has a strong retailer network across central and northern India, though its presence remains limited in southern states and Jammu & Kashmir. The company has raised over $60 million to date, including its $32 million Series B round led by General Catalyst, with participation from existing investors, Z47, and Omidyar Network India. According to TheKredible, FarMart’s operating revenue grew 30% year-on-year to Rs 1,341 crore in FY24, while it reported a net loss of Rs 68 crore for the same period. GC India Investment Holdings Group, Z47, and ON Mauritius are among the company’s lead investors. Farmart directly competes with Info Edge-backed Gramophone, Kalaari-backed Agrim, Krishify, and others.

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