TraceX Technologies, a blockchain-powered Agritech platform that enhances provide chain traceability and transparency, has raised USD 1 million in pre-series A funding led by NABARD backed NABVENTURES Fund. The spherical additionally noticed participation from Paipal Ventures, an early-stage household workplace funding fund, and from angel investor Sunil Kumar.
The newly raised capital might be used in direction of scaling up operations throughout geographies in India and in worldwide markets, enhancing the know-how platform, foraying into different worth chains, and constructing high-performance groups throughout capabilities.
Founded in 2019 by Srivatsa Sreenivasarao and Anil Nadig, TraceX harnesses the facility of blockchain know-how to construct clear, clear, and traceable provide chains throughout the meals and agriculture ecosystem.
A report revealed by Markets and Markets signifies that the meals traceability market is projected to develop at a CAGR of 9.1% with its estimated worth reaching USD 26.1 Billion by 2025. Increasing client consciousness of protected meals merchandise, rising demand for wholesome and ethically sourced merchandise, and deal with transparency are among the causes behind this demand.
Transparency and traceability are the 2 key pillars to constructing client belief. TraceX was based with an goal to create related and traceable provide chains to supply accountability and transparency for each stakeholder within the provide chain.
In addition to constructing belief amongst customers, TraceX additionally presents a big worth add to farmers and meals and agribusinesses. For farmers, it helps enhance productiveness, enhance market linkages and improve the standard of the produce. On the opposite hand, it helps meals corporations conform to regulatory compliances, cut back losses as a result of wastage, higher stock administration, and well timed product remembers in case of contamination.
Commenting on the fundraise, Anil Nadig, Co-Founder, TraceX, mentioned, “Traceability is extra related right this moment than ever earlier than. More and extra customers are eager to know in regards to the origins of the meals they purchase, the processes it undergoes and the journey it takes earlier than it reaches them. Due to the opacity in provide chains, customers right this moment haven’t any approach to hint and observe the merchandise they purchase. Traceability within the supply-chain bridges the knowledge and belief hole amongst customers, agribusinesses, and farmers.
At TraceX, we consider that transparency builds belief and we’re on a mission to create credible, related, and sustainable provide chains for the world. We are thrilled to have NABVENTURES be a part of us on our journey. Their large expertise within the subject of meals and agriculture will assist us speed up our imaginative and prescient of constructing a globally related meals community on blockchain.”
Commenting on the way forward for meals traceability, Dr. G. R. Chintala, Chairman of NABARD and NABVENTURES, mentioned, “Traceability is the future of Indian agriculture. Leveraging technology to showcase transparency will allow farmers and FPOs to command a premium for their produce. Traceability solutions empower farmers to follow sustainable climate resilient practices ensuring continuous productivity.”