- Medront Datalabs gives users greater control over their personal data with its cutting-edge Data Pods, providing brands a competitive alternative to the dominance of major tech companies.
- The funding will be used for enhancing product development, driving growth, acquiring new users, integrating DAAS clients, advancing development tools, and covering various operational costs.
- Inflection Point Ventures has invested more than INR 720 crore in over 200 startups to date.
Bangalore, August 29, 2024 — Medront Datalabs, a user data storage startup founded in 2023, has successfully raised INR 1.06 crore in a Pre-Seed funding round led by Inflection Point Ventures (IPV). This investment will support Medront’s product development, growth initiatives, user acquisition, and onboarding of Data as a Service (DaaS) clients, aiming to ensure efficient user acquisition and robust retention strategies.
Medront Datalabs, established by Nitesh Singh and Saurav Suman, is revolutionizing data management by offering users control over their personal data through innovative “Data Pods.” The startup provides brands with an alternative to the monopolistic tech giants, and has quickly attracted over 20,000 users and established partnerships with 20 brands, solidifying its position in the consumer data management sector.
Founders’ Background:
- Nitesh Singh, CEO of Medront, is an Electrical Engineering Post-Grad from IIT Bombay with a strong data science background. He previously led CreditMate from inception to its acquisition by PayTM and has held significant roles at Citibank and SunEdison.
- Saurav Suman, CTO, is a Computer Science graduate from IIT Jodhpur with extensive experience as a tech entrepreneur, having developed software and data products at Raydar, Voylla, Auronia, DSP, and CreditMate.
Vikram Ramasubramanian, Partner at Inflection Point Ventures, commented, “As digital landscapes evolve, safeguarding personal data becomes increasingly vital. Although The India Digital Personal Data Protection Act 2023 (DPDPA) aims to regulate data processing, it lacks comprehensive methods for data protection. Medront’s platform offers a holistic solution, empowering users with true ownership and management of their data across various domains. IPV believes that digital privacy tools are poised to become a significant trend, which is why we are excited to invest in Medront.”
Currently concentrating on user acquisition within India, Medront excels in developing data products with a focus on user feedback. The platform boasts extensive API integrations with major services like Twitter, YouTube, Facebook, Instagram, Reddit, Spotify, Gmail, Google Drive, and Evernote. Additionally, Medront offers Android verification for notifications, SMS, and permissions, ensuring a robust data pipeline for its Data Pods.
Nitesh Singh stated, “Medront envisions a new Data Ecosystem where users have full ownership and control over their data. In the past year, we’ve launched Data Pods and Personal AI, with plans to introduce a Data Consent Platform for secure data exchanges between users and brands. With IPV’s support, we aim to scale Medront and empower millions of consumers with data ownership and privacy.”
Medront Datalabs has reached notable milestones, including the launch of its MVP on the Play Store, and has developed a comprehensive data pipeline for mining, classifying, and generating insights. With over 20,000 users, 20 data partners, and a 4.1-star rating on the Play Store, Medront is focused on expanding its user base across India. The startup is pre-seed funded and incubated by PIEDS (BITS Pilani) and holds G2 verification for advertising financial services.
The global Data as a Service (DaaS) market, valued at USD 20.74 billion in 2024, is projected to grow to USD 51.60 billion by 2029. In India, the market is expected to reach USD 2.17 billion in 2024. This growth is driven by rising data privacy regulations, direct-to-consumer business models, and increased focus on data monetization and personalization, underscoring the growing demand for secure and innovative data solutions that align with Medront’s offerings.
