An innovative food traceability startup announced a funding of USD 1 million
Let us talk about the food traceability industry and how it is functioning in the economy. The phrase “Food Traceability” sounds intriguing and maybe even posh, its meaning must be explored. Food traceability is the ability to follow the movement of food products and their ingredients through all the different steps in the supply chain, both backward and frontward. The process of traceability also involves documenting and linking the production, processing, and distribution chain of food products and ingredients.
With proper food traceability, we can achieve the following-
1. Stronger transparency in inventory and planning of supply and demand.
2. Fast progress towards the goals of climate and sustainability like reduction in food wastage and low emissions.
3. Greater diversity in supply and equal labor practices across various supply chains.
4. Bringing in increased environmental and social sustainability.
With technology advancing so quickly, to such a large extent, it can be expected that anything can take place. This in itself is such a new concept that it makes the viewers and readers gasp. The market of this domain is expected to reach USD 26.1 billion by the year 2025, growing at a CAGR of 9.1 percent.
Let us now talk about the funding of a food traceability startup that has taken place recently and has spread far and wide.
Announcement of funding of a food traceability startup
The food traceability startup, TraceX Technologies has raised funds worth USD 1 million, which is almost equivalent to INR 7.5 crore, as announced on April 06, 2022. This round of funding was the pre-Series A round of funding that was led by the NABVENTURES Fund, which is backed by Nabard. The other participants of this pre-Series A round of funding for the food traceability startup are Paipal Ventures, which is an early-stage family office investment fund, and Sunil Kumar, who is an angel investor.
The food traceability startup plans to use the funds raised in increasing and expanding its operations in India and international markets. The startup also has decided to use some amount of the funds raised in enhancing the technological platform, entering into ventures into other valuable chains, and even investing in the development of high-performance teams across various domains.
About the food traceability startup that has announced its funding
The food traceability startup, TraceX Technologies was founded in 2019 by Srivastsa Sreenivasarao and Anil Nadig and has its headquarters in Bengaluru, Karnataka, which is called the Silicon Valley of India. The startup is a blockchain-powered traceability platform that is engaged in enhancing the supply chain visibility to build trust and maximize long-term value for the business.
The blockchain technology used by the startup has enabled a proprietary platform that digitizes end-to-end processes of the supply chain. All the agents and players of the supply chain can seamlessly add, view, and exchange information. The information which is caught hold of serves as a single source of truth that cannot be tampered with or changed. It empowers every user to derive verifiable insights that drive transparency and traceability at any given point in time. The startup finds traceability across value chains of Livestock, Poultry, Dairy, Agri Produce, Agri Inputs, And SeaFood. Besides this, the startup also is engaged in helping companies build a sustainable supply chain for the future.
The leading brands using the technology of the food traceability startup are Olam, ITC Limited, SLAY every day, VFPCK, MTR, Binsar Farms, Sam Agri, Milk Mantra, and Blue Tokai, Green Earth Fresh Produce, and many others. The startup currently has a B2B SaaS subscription model. The startup in the future plans to work towards enhancing the product by making use of Asset Tokenization, AI, ML, and IoT.
This will be done so that all the participants in the supply chain are given digital empowerment.
The food traceability startup is doing something innovative, which will be of great value in the future. We wish the food traceability startup a bit of good luck and hope it has a healthy and prosperous future ahead!
