Data Sutram
Data Sutram to raise $10-12 Mn led by Lightspeed & B-Capital
B2B SaaS startup Data Sutram has raised $9 million (approximately INR 77 crore) in its Series A funding round, co-led by Lightspeed Venture Partners and B Capital. The fresh capital will be deployed to scale the company’s fraud detection product offerings and support team expansion efforts.
Founded in 2018 by Rajit Bhattacharya, Aisik Paul, and Ankit Das, Data Sutram operates a proprietary AI and machine learning-driven platform that converts raw, unstructured data from satellites, mobile phones, POS machines, and other unconventional sources into actionable insights. The company’s solutions—branded under its “Find, Authenticate, and Grow” product suite—are tailored for the BFSI (Banking, Financial Services, and Insurance) sector.
Data Sutram claims its solutions have led to measurable impact for clients, including a 3X increase in sales, a 45% reduction in fraud cases, and a 1.5X improvement in customer lifetime value (CLTV). The startup counts leading banks, NBFCs, and fintech companies across India and international markets among its clientele.
The new funding comes at a time when the startup is reportedly in advanced discussions to raise an additional $10–12 million, again led by Lightspeed and B Capital. According to sources familiar with the matter, the deal is close to being finalized, with participation expected from existing investors as well. The company is eyeing a post-money valuation of $60–70 million in the upcoming round.
This funding round follows a $3 million investment secured in September 2023, led by Singularity Growth Fund, and a $2.07 million round in February 2022 from Varanium Capital and Yatra Angel Network. The consistent interest from high-profile investors reflects growing confidence in Data Sutram’s vision and technological capabilities.
Despite its strong market momentum, the company saw its losses widen in the fiscal year ending March 2024 (FY24). Data Sutram’s net loss jumped to INR 10.83 crore, more than double the INR 4.75 crore loss recorded in the previous fiscal year. Meanwhile, revenue for FY24 stood at INR 5.6 crore, according to financial data accessed via TheKredible.
Lightspeed Venture Partners has been actively investing in India and Southeast Asia, having raised a $500 million fund in July 2022. The firm has backed companies like Sarvam AI, Seekho, Zluri, Gushwork.ai, XFlow, BlueLearn, GlobalFair, and Exponent Energy. B Capital, which co-led this round, is also no stranger to the Indian market, with past investments in prominent startups such as Byju’s, Meesho, and Pharmeasy. It closed a $750 million Opportunities Fund in March 2024.
Data Sutram’s focus on the BFSI sector aligns well with rising concerns over digital fraud and the growing demand for real-time data intelligence. As banks and fintechs increasingly seek predictive analytics tools to reduce risk, startups like Data Sutram are poised to play a crucial role in modernizing financial services infrastructure.
While queries sent to Data Sutram, Lightspeed, and B Capital remained unanswered at the time of publication, the momentum behind the company suggests a strong pipeline of developments in the coming months.
