Data Sutram, a Mumbai-based software-as-a-service startup, has raised $9 million in a Series A funding round led by venture capital firms B Capital and Lightspeed. The funding will be used to enhance the company’s platform, which helps financial institutions manage fraud, reduce cybersecurity risks, and ensure regulatory compliance. Founded in 2019 by Aisik Paul, Rajit Bhattacharya, and Ankit Das, Data Sutram leverages AI and intelligence from over 250 sources to support lending, payments, and insurance businesses.
The company’s platform processes over 110 million individual identities, offering real-time insights through its proprietary “Trust Score.”
The Trust Score evaluates patterns across digital footprints to identify risks such as synthetic identities, collusion, and identity theft. “Our USP is external intelligence,” said Rajit Bhattacharya, Co-founder and CEO. “Most of our partners had never sold data before.”
The new funding will be used to expand Data Sutram’s fraud detection capabilities beyond banking into sectors like insurance, gaming, and crypto.
Additionally, it will scale the team and operations for international growth, with plans to expand into Southeast Asia and the Middle East. Data Sutram’s technology is already utilized by several large banks, non-banking financial companies (NBFCs), and fintechs in India, including HDFC Bank, Axis Bank, IndusInd Bank, Union Bank of India, Piramal Finance, and L&T Finance.
Combating fraud with AI-powered insights
The company operates as a data processor, aggregating and analyzing data on the backend. Karan Mohla, an investor in the funding round, emphasized the architectural scalability and early enterprise traction that drew interest in Data Sutram. They’ve already onboarded large financial institutions—a rare feat for an early-stage startup in this space,” he said.
Mohla added that the regtech category is experiencing significant growth, driven by rapid digitization in financial services and the increasing urgency to address rising fraud levels with compliant, AI-native solutions. Hemant Mohapatra, another investor, noted the platform’s versatility and compliance-first design. “With digitization accelerating, the need for intelligent, real-time fraud signals is only growing.
Data Sutram is uniquely positioned to meet this demand,” he said. This new funding follows a $3 million round in 2023 led by Bharat Fund with participation from Singularity Growth Fund, IIFL, YAN, and White Venture, which helped the company scale within traditional banking.
