User data storage startup Medront raises Rs 1.06 crore in a pre-Seed round

User data storage startup Medront has raised Rs 1.06 crore in a pre-seed funding round led by Inflection Point Ventures (IPV), a Gurugram-based angel investment firm.

The startup plans to use the raised capital for product development, growth initiatives, user acquisition, and onboarding of Data as a Service (DaaS) clients, as well as covering miscellaneous expenses.

What does Medront do?

Founded in 2023 by Nitesh Singh and Saurav Suman, Medront Datalabs empowers users with control over their personal data through innovative "data pods," 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 pipeline for its Data Pods.

It claims to have a user base exceeding 20,000 and partnerships with 20 brands.

Who are the founders?

Nitesh Singh, the CEO, is an Electrical Post-Graduate from IIT Bombay with a strong background in data science. His previous experience includes leading CreditMate from inception to its acquisition by PayTM and holding key roles at Citibank and SunEdison.

Saurav Suman, the CTO, is a Computer Science graduate from IIT Jodhpur with a proven track record as a tech entrepreneur. His experience spans developing software and data products at companies like 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 by 2029.

In India, the market is projected to reach $2.17 billion in 2024. The 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. 

“With the digital world expanding rapidly, securing personal data is more crucial 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 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," Ramasubramanian added.

“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," Singh said.