Agritech TraceX Technologies bags $1 m from Nabventures Fund

Our Bureau | | Updated on: Apr 06, 2022
Representational image

Representational image | Photo Credit: ipopba

Blockchain-powered platform offers supply chain traceability services

TraceX Technologies, a blockchain-powered agritech platform for supply chain traceability and transparency, has raised $1 million in pre-series A funding led by Nabard-backed Nabventures Fund. The round also saw participation from Paipal Ventures, an early-stage family office investment fund, and angel investor Sunil Kumar.

The fresh capital will be used to scale up operations in India and international markets, enhance the technology platform, venture into other value chains and build high-performance teams across functions, TraceX said in a statement.

Founded in 2019 by Srivatsa Sreenivasarao and Anil Nadig, TraceX offers to help farmers boost productivity, improve market linkages and enhance the quality of produce. For food companies, its services include helping meet regulatory compliances, reduce losses due to wastage, inventory management, and timely product recalls in case of contamination, the company said.

SaaS model

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.

TraceX currently has a business-to-business SaaS subscription model, working with companies across livestock, poultry, seafood, and agri supply chains. The 30-plus food companies it works with include Olam, MTR Foods, Slay Coffee, Govt of Telangana, GoDesi, BlueTokai, Sam Agri and Milk Mantra.

Origin of food

Anil Nadig, Co-Founder, 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.

GR Chintala, Chairman of Nabard and Nabventures, said, “Traceability is the future of Indian agriculture. Leveraging technology to showcase transparency will allow farmers and FPOs [farmer producer organisations] to command a premium for their produce. Traceability solutions empower farmers to follow sustainable climate-resilient practices, ensuring continuous productivity.”

Published on April 06, 2022
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