TraceX Technologies is a blockchain powered agritech platform that enhances supply chain traceability and transparency. Founded in 2019 by Srivatsa Sreenivasarao and Anil Nadig, the startup aims to build clean, transparent, and traceable supply chains across the food and agriculture ecosystem.
“Traceability is more relevant today than ever before. More and more consumers are keen to know about the origins of the food they buy and its journey before it reached them,” says Nadig.Traceability in the supply-chain bridges the information and trust gap among consumers, agri-businesses, and farmers.
“At TraceX, we believe that transparency builds trust and we are on a mission to create credible, connected and sustainable supply chains for the world.” The company’s blockchain-enabled platform digitises the supply chain from start to finish. Srivatsa and Nadig had earlier founded ‘Jivabhumi’, a community supported social enterprise that connects consumers with local farmers. “Our experience with Jivabhumi gave us an understanding of the issues plaguing complex food supply chains. This was the genesis of TraceX,” says Nadig.
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Srivatsa reveals that TraceX employs a B2B SaaS subscription model wherein it works with companies across livestock, poultry, seafood, and agri supply chains. It currently works with 30+ food companies. The company has raised $1 mn in pre-series A funding led by NABARD-backed NABVENTURES Fund. “We have received an overwhelming response from our customers ,” says Srivatsa. “We are working towards improving our product by leveraging Asset Tokenisation (NFTs), AI, ML, and IoT. Our aim is to harness Web3 technologies to build a large distributed autonomous supply chain network for food and agriculture businesses.
”Over the next few months, TraceX plans to extend its portfolio to carbon offsets and climate action goals of companies. “We also plan to aggressively scale up operations overseas,” he says.