TraceX Technologies, a blockchain powered agritech platform, has raised $1 million in its pre-series A round led by NABARD backed NABVENTURES Fund. The round also saw participation from Paipal Ventures, an early stage family office investment fund, and from angel investor Sunil Kumar.
The newly raised capital will be used towards scaling up operations across geographies in India and in international markets, enhancing the technology platform, foraying into other value chains and for building high performance teams across functions.
Founded in 2019 by Srivatsa Sreenivasarao and Anil Nadig, TraceX offers a significant value add to farmers and food and 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 currently has a B2B SaaS subscription model where it works with companies across livestock, poultry, seafood, and agri supply chains. The startup currently works with over 30 food companies that include prominent names such as Olam, MTR Foods, Slay Coffee, Govt of Telangana, GoDesi, BlueTokai, Sam Agri, Milk Mantra and many others.