Delhi-based business intelligence startup Veratech Intelligence has raised an undisclosed amount of funding from a group of angel investors including Chandrashekar Kupperi, founder of ANOVA Corporate Services, an investment banking and advisory firm. Mr Kupperi will join as the CFO of Veratech as a part of the deal.
The three-month-old startup will use the freshly raised capital to enhance its technology and build a strong and dedicated team. The startup has developed Semantic, an AI-powered engine that builds an in-depth risk profile of Indian companies using various reliable data points.
Founded by Mohit Yadav and Mayank Sharma in January this year, the startup’s product’s use cases are broad including credit disbursement in banks, due diligence by lawyers and consultants, risk analysis by compliance professionals and VC firms. The startup’s target clients are located in Tier I cities and include reputed law firms as well as Big 4 consultancies.
Mohit Yadav said, “These funds will help us further strengthen the technology so as to improve our analysis even further with high standards of accuracy.”
Mayank Sharma added, “Funds will be deployed to diversify offerings catered to startups and MSMEs. Our mission is to democratize the data-driven decision-making process by equipping every Indian business with the ability to do so”.
Mayank Sharma graduated from NIT Allahabad and has previously worked at Zomato. Mohit Yadav is an alumnus of Jindal Global Law School and has worked at Nishith Desai Associates, as well as practised before Delhi High Court and Supreme Court.