TraceX Technologies, a blockchain-powered agritech platform has raised $1 million in its pre-Series A funding round from NABARD backed NABVENTURES Fund.
Paipal Ventures, an early-stage family office investment fund, and angel investor Sunil Kumar also participated in this round.
The startup plans to use the funds to scale operations in India and international markets, scale up the technology platform, enter other value chains and build high-performance teams across functions.
Bengaluru based TraceXwas founded in 2019 by Srivatsa Sreenivasarao and Anil Nadig, It is a digital agriculture platform that leverages blockchain to connect multiple participants in the various supply chain.
“At TraceX, we believe that transparency builds trust and we are on a mission to create credible, connected and sustainable supply chains for the world. We are thrilled to have NABVENTURES join us on our journey. Their tremendous experience in the field of food and agriculture will help us accelerate our vision of building a globally connected food network on blockchain”, said, Anil Nadig, Co-Founder, TraceX.
The startup also provides significant value addition to farmers and food and agri businesses. It also helps in boosting productivity, improving market relations and increasing the quality of produce. Apart from this, it helps food companies to achieve regulatory compliance, reduce losses due to wastage, better inventory management and timely product takeback in case of contamination.
Commenting on the future of food traceability, Dr. G R Chintala, Chairman, NABARD and NABVENTURES, said, “Traceability solutions empower farmers to follow sustainable climate resilient practices ensuring continuous productivity.”
“A typical agri-food supply chain is unorganized, and the data is stored in silos. This results in a disconnected supply chain, limited interoperability and compromised transparency across transactions. Given the increasing demand for providing credibility to claims made by brands on sustainable sourcing, food handling and other aspects, TraceX is the right platform – neutral, independent, and a credible solution for building traceable supply chains from farm to fork. It organizes the entire supply chain by providing connected, secured, auditable and verifiable information via blockchain”, said, Rajesh Ranjan, CEO, NABVENTURES.
Currently TraceX Technologies has a B2B SaaS subscription model where it works with companies in the livestock, poultry, seafood and agricultural supply chains.
Presently, TraceX works with over 30food companies which include leading names like Slay Coffee, Govt of Telangana, GoDesi, BlueTokai, Olam, MTR Foods, Sam Agri, Milk Mantra and many others.