The startup raised Rs 2 Crore from Indian Angel Network. Rajit Bhattacharya, the co-founder of Data Sutram, said the company will use the funds to strengthen its platform to enhance its services to its customers.
Members of the Indian Angel Network (IAN) raised Rs 2 Crore ($226,800) in an artificial intelligence-based platform Data Sutram, which helps businesses leverage location-based insights in a funding round led by Uday Sodhi, Mitesh Shah, and Nitin Jain IAN said in a statement.
Rajit Bhattacharya, the co-founder of Data Sutram, said the company will use the funds to strengthen its platform to enhance its services to its customers. The company operated by Extrapolate Advisors Pvt Ltd was founded in 2018 by Bhattacharya, Aisik Paul, and Ankit Das who are all Jadavpur University’s engineering graduates.
The startup helps companies by pinpointing new locations for them to expand, improve the performance of existing both physical and digital assets, and micro-target the right audience for their products. Bhattacharya explained that Data Sutram’s platform enabled companies to identify areas to deliver goods during the lockdown imposed to curtail the spread of the coronavirus pandemic.
The company currently focuses on retail-specific sectors such as pharmacy, fast-moving consumer goods, and grocery. It plans to expand to the financial services, agri-tech, and media and entertainment sectors. It was part of the seed-stage venture capital firm 100X VC’s first class of 20 companies. It raised Rs 25 lakh from 100X.VC, which is sponsored by Mehta Ventures, the family office of entrepreneur-turned-angel investor Sanjay Mehta.