Blockchain-based supply chain start-up KoineArth on Friday said it has raised USD 1.8 million (over Rs 13 crore) in funding led by YourNest Venture Capital. Existing investor, Inventus India, also participated in the round along with Lumis Partners, according to a statement. The capital will be used to fund product development and market expansion, it added. Founded in 2018 by Praphul Chandra, KoineArth’s platform offers solutions for inventory visibility, invoice financing and contract enforcement. The company is seeing applications of this platform from customers across sectors like manufacturing, agriculture and finance.
Apart from product development, the company has also tied up with financial institutions as integration with financiers willing to offer ‘one-click’ invoice financing is a cash-flow value proposition for many organisations, according to the statement. “With Blockchain as the enabling technology, we are creating a B2B (business-to-business) platform for companies to connect and transact with each other. We believe this is the natural evolution of commerce,” Praphul Chandra, founder and CEO of KoineArth, said.
Blockchains can broadly be defined as a new type of network infrastructure (a way to organise how information and value moves around on the internet) that create “trust” in networks by introducing distributed verifiability, auditability, and consensus. Blockchain is seen as a technology with the potential to transform almost all industries and economies.
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