Agritech Startup TraceX raises $1 mn funding

Agritech firm TraceX Technologies has raised $ 1 million (around 7.5 crores) in a pre-series A round. The NABVENTURES fund, which is funded by Nabard, is leading the funding. 

Paypal Ventures, an early-stage family office investment firm and angel investor Sunil Kumar were also participants in the pre-series capital round. 

According to a statement released by TraceX, as reported by PT,  the newly raised cash will be utilized to scale up operations across geographies in India and in international markets, enhance the technology platform, expand into additional value chains, and establish high-performance teams across functions. 

TraceX is a next-generation digital agribusiness platform powered by a blockchain-based traceability platform that improves supply chain visibility, allowing businesses to develop trust and optimize long-term value. 

TraceX’s blockchain-enabled proprietary platform digitizes the supply chain from beginning to finish. All supply chain agents/players can add, view, and exchange data in real-time. The data collected acts as a single source of truth that cannot be altered or tampered with. Every user should be able to draw verifiable insights that promote transparency and traceability at all times. 

TraceX is the next-generation digital agriculture platform led by a blockchain-powered traceability platform that enhances supply chain visibility to build trust and maximize long-term value for businesses.

Published By: Manan Khurana

Edited By: Subbuthai Padma