Extrapolate Advisors Pvt Ltd, which runs the Kolkata-based AI startup Data Sutram, has raised funding for an undisclosed amount from the IIFL Fintech Fund.
In August, IIFL Group, backed by Fairfax Financial Holdings Ltd., launched a dedicated Rs 100 crore early-stage fund to invest in Indian fintech startups.
Data Sutram marks IIFL Fintech Fund’s second investment FinBox, a credit risk manager focusing on non-bank lenders.
Earlier, Data Sutram raised funds from 100x.VC (as a part of their Class1) and Indian Angel Network.
Founded by Rajit Bhattacharya, Aisik Paul and Ankit Das, Data Sutram is an AI-backed location intelligence data platform that aggregates data from over 250 partners to provide intelligence data on places and people.
IIFL Finance and IIFL Securities have also entered into a strategic partnership with Data Sutram.
The alliance marks the startup’s entry into the BFSI space.
“After working extensively in retail manufacturing, Data Sutram is now eyeing the BFSI segment which is the intent behind the raise. After early success with several fintech, banks and NBFCs, we have found great applications of alternate data in - evaluating assets, predicting delinquencies, adjudging risk, recollection planning, among others,” Rajit, founder and CEO of Data Sutram, said in a statement.