TraceX Technologies raises $1 Mn in pre-Series A round

• ByStartupStory     |    April 7, 2022

TraceX Technologies, a blockchain-powered agritech platform that improves supply chain traceability and transparency, has raised $1 million in pre-Series A funding sponsored by the NABVENTURES Fund, which is backed by NABARD. Paipal Ventures, an early-stage family office investment firm, and angel investor Sunil Kumar also participated in the round.

The freshly generated funds will be utilized to expand operations across geographies in India and internationally, improve the technological platform, expand into new value chains, and establish high-performing teams across functions.

According to a news release, TraceX was founded in 2019 by Srivatsa Sreenivasarao and Anil Nadig to use blockchain technology to construct clean, transparent, and traceable supply chains across the food and agriculture sector.

According to a report provided by Markets and Markets, the food traceability industry is expected to grow at a CAGR of 9.1%, with a market value of $26.1 billion by 2025. This need is driven by rising consumer awareness of safe food items, rising demand for healthy and ethically sourced products, and an emphasis on transparency.

TraceX’s SaaS technology works with existing supply chain digital infrastructure to bring all stakeholders onto the blockchain network, ensuring a single point of truth from farm to fork. TraceX not only ensures food safety and operational efficiency, but it also assists businesses in developing long-term supply chains. TraceX presently works with clients in the cattle, poultry, seafood, and agri supply chains through a B2B SaaS subscription model.

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