Data Sutram, a Mumbai-based B2B SaaS startup, has raised $9 million in its Series A funding round led by B Capital and Lightspeed.
The fresh funds raised will be used to expand its AI-powered fraud detection and risk intelligence platform into sectors such as cryptocurrency cryptocurrency, real-time payments, gaming, e-commerce, and insurance. It will also grow its AI capabilities and enter international markets in the Middle East and Southeast Asia.
Founded in 2018 by Rajit Bhattacharya, Sagnik Poddar, and Ankit Das, Data Sutram offers a RegTech-focused AI platform that helps financial institutions combat fraud, improve customer onboarding, and reduce risk across the lifecycle of lending, payments, and insurance.
Data Sutram’s platform uses artificial intelligence and more than 250 external data sources to help banks, NBFCs and other financial services providers detect synthetic identities, map collusion networks and block mule-account creation.
The startup claims it has analysed over 110 million unique identities, and counts HDFC Bank, Axis Bank, IndusInd Bank, Union Bank of India, Piramal Finance and L&T Finance among its customers.
“With this investment, we’re entering the next phase of our mission to build a financial ecosystem based on trust. Our goal is to ensure every transaction is secure. We believe our Trust Score will eventually underwrite every transaction. This funding enables us to enhance our product, expand globally, and serve more businesses seeking AI-driven risk intelligence,” said Rajit Bhattacharya, Co-founder and CEO of Data Sutram.
“This investment will allow us to enhance our product offering, scale our customer base, and strengthen our global presence to serve more institutions and businesses worldwide,” he added.
“The existing technologies or the existing ways to protect banking and intra-systems were not necessarily keeping up with the changes on the user side. Also, it’s a slightly different way of looking at the challenge in India and other markets like India, compared to more developed markets where user behavior is different. I think that was one of the things Rajit and the team built that was so attractive and continues to be attractive to us,” said Karan Mohla, General Partner at B Capital.
Hemant Mohapatra, Partner at Lightspeed, said, “In a digitised financial landscape, the need for intelligent, scalable fraud prevention is critical. Data Sutram’s sector adaptability and compliance-first approach make them a strong partner for global financial services.”
