Singapore-based fintech firm #dltledgers raised S$8.5 million ($6 million) in Series B funding from the family office of Tata Group and Centrum. The funds will be used to support the company’s North American expansion plans, a spokesperson said. The company has a presence in Thiruvananthapuram as well.

#dltledgers is a blockchain-based, multi-enterprise, supply chain business network platform deployed in enterprises and banks such as Mondelez, Tata Motors, ANZ bank, Shiseido, OCP, and Stockland. Founded by Samir Neji and Atul Patel in 2017, it helps corporates and banks build on a connected supply chain, enabling them to automate multi-party transactions, streamline processes and reduce cost.

Growing global appetite

The world needs platforms that connect supply chains across entities, starting from a supplier or distributor framework, the spokesman quoted Neji as saying. This can deliver authentication, sustainability and financing in its trust mode across logistics banks and supply chain partners. “The global appetite for connected supply chains is growing and with the pandemic, they are being deployed by most Fortune 500 enterprises and banks. We lead these markets globally and can play a role in collaborating and resolving gaps in extended supply chain,” Neji said.

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Pumps up valuation

The new funds will help the company scale its engineering and growth teams. This includes further platform innovation with Corda, Accenture, SAP, Microsoft and others. It also pushed the valuation to S$100 million ($71 million), up from S$46 million ($33 million) after its Series A round just over a year ago. The firm is looking to extend the round to S$15 million ($11 million), to close off by the end of October. Conversations are apace for further closures and will lead to a close acquisition of strategic investors within the round, the spokesman said.

Farooq Sidiqqi, CEO of #dltledgers, sees the global impact the platform could bring to supply chain finance and sustainability. “Our new investment round strengthens our focus in solving real-life supply chain and financing issues. Technology has advanced so much that we felt the need to shift people’s thinking about what those capabilities could be,” added Sidiqqi, who is a former banker.

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