The user data storage startup Medront, led by Inflection Point Ventures, has raised INR 1.06Cr in a pre-seed round. With the goal of achieving effective user acquisition and high retention, the fund will be implemented across product development, growth initiatives, user acquisition, onboarding DAAS clients, and other costs.
Medront Datalabs was established in 2023 and provides companies with an alternative to the monopolies of digital giants by enabling customers to take control of their personal data through unique data pods. The company has been expanding quickly; it already has over 20,000 users and 20 brand partnerships, solidifying its place as a major player in the consumer data management market.
Nitesh Singh and Saurav Suman formed Medront Datalabs. The CEO, Nitesh, is an electrical post-graduate from IIT Bombay with a strong expertise in data science. He held important positions at Citibank and SunEdison and headed CreditMate from its founding until PayTM acquired it.
The CTO, Saurav, has a proven track record as a tech entrepreneur, having developed software and data solutions at Raydar, Voylla, Auronia, DSP, and CreditMate. He received his degree in computer science from IIT Jodhpur.
Currently concentrating on gaining users in India, Medront is excellent at quickly creating data products while paying close attention to the needs and users feedback.
Many API interfaces with popular sites like Twitter, YouTube, Facebook, Instagram, Reddit, Spotify, Gmail, Google Drive, and Evernote are among its strong points.
To provide a reliable data pipeline for its Data Pods, Medront also offers Android verification for notifications, SMS, and permissions.
Medront Datalabs Comprehensive Data Pipeline
Medront Datalabs has established a comprehensive data pipeline for mining, classifying, and generating insights from a variety of sources. Among its notable accomplishments is the introduction of their MVP on the Play Store.
Medront, which has a 4.1 Play Store rating, 20 data partners, and more than 20,000 users, is concentrated on growing its user base in India.
In addition to having G2 verification for financial services advertising, Medront was pre-seed funded and nurtured by PIEDS (BITS Pilani), setting itself up for future expansion.
The Global Data as a Service Industry
With a projected valuation of USD 20.74 billion in 2024, the global Data as a Service industry is projected to reach USD 51.60 billion by 2029. The market is expected to grow to USD 2.17 billion in India by 2024. Rising data privacy laws, the popularity of direct-to-consumer business models, and an increased emphasis on data monetization and personalization are the main drivers of this growth.
These factors also show that there is a growing need for safe and cutting-edge data solutions, which is why Medront offers user control and data management solutions.
Key Comments
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.”
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.”
