Agritech platform TraceX Technologies on Wednesday said it has secured $1 million (around Rs 7.56 crore) as a part of its pre-series A funding led by Nabventures Fund.
The round also saw participation from Paipal Ventures, an early-stage family office investment fund and angel investor Sunil Kumar.
The firm plans to deploy the fresh capital towards scaling up operations across India and global markets. It also aims to boost the technology platform, foraying into other value chains and building high-performance teams across functions.
Founded in 2019 by Srivatsa Sreenivasarao and Anil Nadig, TraceX uses blockchain technology to build clean, transparent and traceable supply chains across the food and agriculture ecosystem.
It currently has a business-to-business (B2B) software-as-a-service (SaaS) subscription model where it works with companies across livestock, poultry, seafood, and agri supply chains.
The startup's clientele includes food companies such as MTR Foods, Slay Coffee, GoDesi, BlueTokai, Sam Agri, Milk Mantra, among others.
“Traceability is the future of Indian agriculture. Leveraging technology to showcase transparency will allow farmers and FPOs to command a premium for their produce.
Traceability solutions empower farmers to follow sustainable climate-resilient practices ensuring continuous productivity," said G. R. Chintala, Chairman of the National Bank for Agriculture and Rural Development (NABARD).
Nabventures is backed by National Bank for Agriculture and Rural Development (NABARD), the apex development finance institution of India with assets under management (AUM) of $95 billion.
Nabventures is a venture growth equity fund that invests in food, agritech, and rural fintech.
Last year in December, Nabventures Fund backed Eggoz, an egg-focused consumer brand. In November 2021 it invested in Unnati, a fintech-driven agriculture service platform and online e-commerce portal Vilcart.com.