Consumer awareness of safe food products is expanding, as is demand for healthy and ethically sourced products. Emphasis on supply chain transparency and traceability is also evolving from "nice-to-have" to "must-have" for food and agri-businesses. To meet the market requirement, technologies can be used for the benefit of all.
Founded in 2019, TraceX Technologies is a blockchain-powered agritech platform that came into existence to enhance supply chain traceability and transparency. Established by Srivatsa Sreenivasarao and Anil Nadig, TraceX was founded to build clean, transparent, and traceable supply chains across the food and agriculture ecosystem.
Before TraceX, the duo founded 'Jivabhumi', a community-supported social enterprise connecting conscious consumers with local farmers. Because of their experience with Jivabhumi, the founders thoroughly understood some of the issues plaguing complex food supply chains, and this was the genesis for TraceX.
Food Traceability Market's Future
A report published by Markets and Markets indicates that the food traceability market is projected to grow at a CAGR of 9.1 per cent, with its estimated value reaching USD 26.1 Billion by 2025. Bain and Company's Global State of Traceability survey, a consultation with 150 senior supply chain leaders, also mentioned that 68 per cent of executives view traceability as "very or extremely important."
According to the company, TraceX helps create connected and traceable supply chains to provide accountability and transparency for every stakeholder in the supply chain. Its blockchain-enabled proprietary platform digitises the supply chain from start to end, and all the stakeholders in the supply chain 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.
This blockchain-powered AgriTech platform currently has a Business-to-Business Software as a Service (B2B SaaS) subscription model where it works with companies across livestock, poultry, seafood, and Agri supply chains.
The company while sharing the data with The Logical Indian said that it has also raised USD 1 million in pre-series A funding led by the NABARD-backed NABVENTURES Fund. The round also saw participation from Paipal Ventures, an early-stage family office investment fund, and angel investor Sunil Kumar.
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