User data storage startup Medront has raised Rs 1.06 crore in pre-seed funding funds round led by Turning Point Ventures (IPV), a Gurugram-based angel investment firm.
The startup plans to use the capital raised for product development, growth initiatives, user acquisition and onboarding data-as-a-service (DaaS) customers, as well as covering miscellaneous expenses.
What does Medront do?
Founded in 2023 by Nitesh Singh and Saurav Suman, Medront Datalabs gives users control over their personal data through innovative “data modules,” offering brands an alternative to the monopolies of tech giants.
Currently focused on user acquisition in India, the startup’s 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 flow for your Data Pods.
It claims to have a user base of over 20,000 and partnerships with 20 brands.
Who are the founders?
Nitesh Singh, the CEO, is an electrical postgraduate from IIT Bombay with a strong background in data science. His prior experience includes leading CreditMate from inception to its acquisition by PayTM and holding key roles at Citibank and SunEdison.
Saurav Suman, CTO, holds a degree in Computer Science from IIT Jodhpur and has a proven track record as a technology entrepreneur. His experience spans software and data product development at companies such as Raydar, Voylla, Auronia, DSP and CreditMate.
The current industry landscape
The global data-as-a-service (DaaS) market is expected to grow significantly, with projections indicating an increase from $20.74 billion in 2024 to $51.60 billion in 2029.
In India, the market is projected to reach $2.17 billion by 2024. Growth is driven by increasing data privacy regulations, the rise of direct-to-consumer business models, and an increased focus on data monetization and personalization.
“In a rapidly expanding digital world, protecting personal data is more important than ever. In this context, Medront emerges as a comprehensive platform that empowers consumers by giving them real ownership of their data,” said Vikram Ramasubramanian, Partner at IPV.
“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 networks, all from one secure platform. Inflection Point Ventures (IPV) recognizes that digital privacy tools will be the next big thing in the technology landscape, which is why we decided to invest in Medront,” Ramasubramanian added.
“Over the next year, we aim to bring personal data ownership to millions of users across India. With strong IPV backing, we are confident that Medront will become a game-changer in the data ecosystem and also empower millions of consumers with data ownership and privacy,” Singh said.
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