Kolkata based Extrapolate Advisors, which owns and operates early stage technology startup Data Sutram, said it has raised $267,000 (Rs 2 crore) in a funding round from investors Uday Sodhi, Mitesh Shah and Nitin Jain of the Indian Angel Network (IAN).
The artificial intelligence (AI) backed platform, which gathers intel from external data to provide location-based data intelligence, was set up in 2018 by Jadavpur University engineering graduates Rajit Bhattacharya, Aisik Paul and Ankit Das.
The B2B startup claims to find new locations for businesses to expand, improving the performance of existing assets (both physical and digital) and micro-targeting the right audience for the products. The engine currently taps into over 200 data sources -- an increase from just 12 six months ago -- to garner intelligence and aid companies, the statement said.
The startup, which currently has a presence in retail-specific sectors such as pharmacy, FMCG and grocery, said that it has plans to cater to the BFSI, agritech, and media and entertainment segments in the future.
“In a post coronavirus infected world, location has proved to be a crucial factor. Everyone is now more aware of location-based decision making like geo-fencing, geo-targeting and the impact of location-specific action. When the 21-day lockdown was announced, a number of people went into panic buying. There was an extensive shortage of essential goods across stores due to a surge in demand. With our ability to make use of unstructured data, Data Sutram’s platform helped companies to identify areas to deliver goods, ensuring the shortages were met and also increasing the market share,” co-founder Bhattacharya said.
Data Sutram last raised Rs 25 lakh from 100X.VC.
“It is heartening to see startups such as Data Sutram using cutting edge technology tapping unstructured data and insight to create innovative solutions for the B2B market. Its unique, tech-led approach is solving some of the most pressing problems for a large consumer base by developing a predictive analytics solution to help bridge the demand-supply gap,” investor Sodhi of the IAN, said.
IAN, with nearly 500 members across the world, is said to be India's largest angel network with investments in startups across 17 segments in India and seven other countries.