TraceX Technologies, a blockchain powered agritech startup, has secured USD 1 million in pre-series A funding led by NABARD backed NABVENTURES Fund. The latest round of funding also saw participation from Paipal Ventures, an early stage family office investment fund, and from angel investor Sunil Kumar.
A Bengaluru-based startup, TraceX Technologies, will utilize the fresh infusion of funds towards scaling up operations across geographies in India and in international markets, foraying into other value chains, enhancing the technology platform and for building high performance teams across functions.
Founded in 2019 by Srivatsa Sreenivasarao and Anil Nadig, TraceX Technologies harnesses the power of blockchain technology to build clean, transparent, and traceable supply chains across the food and agriculture ecosystem.
The startup currently works with 30+ food companies that include prominent names such as MTR Foods, Slay Coffee, GoDesi, BlueTokai, Sam Agri, Olam, Milk Mantra, Govt. of Telangana and many others. It has a business-to-business SaaS subscription model, working with companies across livestock, poultry, seafood, and agri supply chains.
In addition to building trust among consumers, TraceX also offers a significant value-addition to farmers and food & agri businesses. For farmers, it helps boost productivity, improve market linkages and enhance the quality of the produce. On the other hand, it helps food companies conform to regulatory compliances; reduce losses due to wastage, better inventory management, and timely product recalls in case of contamination.
TraceX’s software-as-a-service (SaaS) platform integrates with existing digital infrastructure in supply chains and brings all stakeholders onto the blockchain network, to enable a single source of truth from farm to fork. In addition to food safety and operational efficiency, TraceX helps companies build sustainable supply chains.
Speaking on the future and scope of food traceability, Anil Nadig, Co-Founder of TraceX, said, “Traceability is more relevant today than ever before. More and more consumers are keen to know about the origins of the food they buy, the processes it undergoes and the journey it takes before it reaches them. Traceability in the supply-chain bridges the information and trust gap among consumers, agri-businesses, and farmers. 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.