Medront raises INR 1.06 Cr in Pre-Seed Round led by Inflection Point Ventures
Bangalore, 29th Aug 2024: User data storage startup Medront has raised INR 1.06Cr in Pre-Seed Round led by Inflection Point Ventures. The funds will be allocated to product development, growth efforts, user acquisition, onboarding DAAS clients, and miscellaneous expenses, ensuring efficient user acquisition and strong retention.
Medront Datalabs, founded in 2023, empowers users with control over their personal data through innovative data pods, offering brands an alternative to the monopolies of tech giants. The Company has been growing rapidly and has already gained over 20,000 users and partnered with 20 brands, positioning itself as a key player in the consumer data management space.
Medront Datalabs was founded by Nitesh Singh and Saurav Suman. Nitesh, the CEO, is an Electrical Post-Grad from IIT Bombay with a robust background in data science, having led CreditMate from inception to its acquisition by PayTM and holding key roles at Citibank and SunEdison. Saurav, the CTO, graduated in Computer Science from IIT Jodhpur has a strong track record as a tech entrepreneur, developing software and data products at Raydar, Voylla, Auronia, DSP, and CreditMate.
Vikram Ramasubramanian, Partner, Inflection Point Ventures says, “With the digital world expanding rapidly, securing personal data is more crucial than ever. The Government of India has implemented ‘The India Digital Personal Data Protection Act 2023 (DPDPA)’ to regulate the processing of digital personal data. However, the act has its limitations, as it does not outline methods to protect or manage data. In this context, Medront emerges as a comprehensive platform that empowers consumers by giving them real ownership of their data, allowing them to manage their web browsing, music, finances, food choices, interests, and social media —all from one secure platform. Inflection Point Ventures (IPV) recognizes that digital privacy tools are going to be the next big thing in the tech landscape, which is why we decided to invest in Medront.”
Currently focused on user acquisition in India, Medront excels in rapidly developing data products with a strong emphasis on user feedback and demands. Its strengths include extensive API integrations with major platforms like Twitter, YouTube, Facebook, Instagram, Reddit, Spotify, Gmail, Google Drive, and Evernote. Additionally, Medront provides Android verification for notifications, SMS, and permissions, ensuring a robust data pipeline for its Data Pods.
Nitesh Singh, CEO, Medront, says, “Medront was born out of our vision of a new Data Ecosystem where data is owned and controlled by users. In the past year, we have launched Data Pods, Personal AI and we will soon launch a Data Consent Platform for Users and Brands to exchange data securely. Over the next year, our goal is to bring personal data ownership to millions of users across India. With a strong backing of IPV, we are confident of scaling Medront to be a game-changer in the Data Ecosystem and to also empower millions of consumers with Data Ownership and Privacy.”
Medront Datalabs has achieved significant milestones, including the launch of its MVP on the Play Store and has built a comprehensive data pipeline for mining, classifying, and generating insights from diverse sources. With over 20,000 users, 20 data partners, and a 4.1 Play Store rating, Medront is focused on expanding its user base in India. Pre-seed funded and incubated by PIEDS (BITS Pilani), Medront also holds G2 verification for advertising financial services, positioning itself for future growth.
The global Data as a Service (DaaS) market, valued at USD 20.74 billion in 2024, is expected to grow to USD 51.60 billion by 2029. In India, the market is projected to reach USD 2.17 billion in 2024. This growth is driven by increasing data privacy regulations, the rise of direct-to-consumer business models, and a heightened focus on data monetization and personalization, highlighting a growing demand for secure and innovative data solutions, which aligns with Medront’s offerings in data management and user control.
