Data Sutram, an artificial intelligence-based platform which helps businesses leverage location-based insights, has raised Rs 2 crore ($226,800) from members of the Indian Angel Network (IAN).
The IAN said in a statement the funding round was led by Uday Sodhi, Mitesh Shah and Nitin Jain.
Rajit Bhattacharya, co-founder of Data Sutram, said the company will use the funds to strengthen its platform to enhance its services to its customers.
Data Sutram, operated by Extrapolate Advisors Pvt Ltd, was founded in 2018 by Bhattacharya, Aisik Paul and Ankit Das. They are all Jadavpur University’s engineering graduates.
The startup says it helps companies by pinpointing new locations for them to expand, improve the performance of existing assets (both physical and digital), 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.
Data Sutram was part of 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.
The angel group, which was founded in 2006, has been one of the prominent investors in India's startup ecosystem. It has over 120 portfolio companies across seven countries.
The network had marked the final close of its maiden IAN Fund in November at Rs 375 crore, surpassing its targeted corpus.
Last year, the IAN platform – comprising the Indian Angel Network and the IAN Fund – gave its investors an average 11 times return multiple on 11 exits.
These exits included ones from companies such as Kwench, local discovery platform Little Black Book, supply chain management company Tagbox, used-car service Spinny and fast-food chain Wow! Momos.