Medront Secures INR 1.06 Cr in Pre-Seed Funding from Inflection Point

Medront Datalabs, a user data storage startup, has successfully raised INR 1.06 crore in a pre-seed funding round led by Inflection Point Ventures. The infusion of capital will be strategically deployed towards product development, scaling operations, enhancing user acquisition, onboarding DAAS clients, and covering various operational costs. This investment aims to bolster efficient user acquisition and ensure robust user retention.

Company Vision and Market Position

Founded in 2023, Medront empowers users to manage their personal data through innovative data pods, providing a viable alternative to existing tech giants. With rapid growth, Medront has attracted over 20,000 users and formed partnerships with 20 brands, establishing itself as a significant entity in consumer data management.

Leadership and Expertise

The company was founded by Nitesh Singh and Saurav Suman. CEO Nitesh Singh, an Electrical Engineering post-graduate from IIT Bombay, has a rich background in data science including his role at CreditMate leading to its acquisition by PayTM, along with significant positions at Citibank and SunEdison. CTO Saurav Suman, an IIT Jodhpur alumnus, brings a wealth of experience as a tech entrepreneur with past engagements at Raydar, Voylla, Auronia, DSP, and CreditMate.

Industry Endorsement and Expansion Focus

Vikram Ramasubramanian, Partner at Inflection Point Ventures, highlighted the critical need for secure personal data management tools in light of rapid digital expansion and recent government regulations. Medront, with its comprehensive platform, offers users real control over their data across various platforms and services, making it a promising investment in the burgeoning tech landscape.

Product Development and Technological Integration

Medront is currently prioritizing user acquisition in India, excelling in rapid data product development heavily influenced by user feedback. The company supports extensive API integrations with major platforms such as Twitter, YouTube, Facebook, and more, ensuring a secure and efficient data management ecosystem through its Data Pods.

Vision for the Future

According to CEO Nitesh Singh, Medront was founded with the vision of creating a new Data Ecosystem where users control their own data. The company has already launched Data Pods, Personal AI, and is set to introduce a Data Consent Platform, aiming to bring personal data ownership to millions in India.

Achievements and Ratings

Having launched its MVP on the Play Store, Medront has built a solid data pipeline that supports diverse data mining, classification, and insight generation activities. With a user base of over 20,000, 20 data partners, and a commendable 4.1 rating on the Play Store, the company is poised for further growth.

Market Outlook

The global Data as a Service (DaaS) market is poised for significant growth, expected to reach USD 51.60 billion by 2029 from USD 20.74 billion in 2024. In India, the DaaS market is projected to hit USD 2.17 billion by 2024. This burgeoning demand underpins Medront's strategic offerings in data management and user control, aligning with global trends towards data privacy and personalization.

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