KoineArth, a Bengaluru-headquartered blockchain startup, has raised $1.8 million in a Pre-Series A round, led by YourNest Venture Capital. Existing investor Inventus India also participated in the round, along with Lumis Partners.
Founded in 2018 by Praphul Chandra, KoineArth focuses on solutions for the supply chain segment and this latest round of funding will be used to fund product development and market expansion.
Founder and CEO Praphul Chandra said, “The last decade saw the emergence of B2C platforms like Uber and Airbnb, which are plug-and-play infrastructures that enable producers and consumers to connect and interact with each other. With Blockchain as the enabling technology, we are creating a B2B platform for companies to connect and transact with each other. We believe this is a natural evolution of commerce.”
KoineArth has developed the ready-to-use “marketsN platform”, which enables solutions for inventory visibility, invoice financing, and contract enforcement.
Besides focusing on product development, KoineArth has been tying up with financial institutions because a key incentive for putting verifiable and immutable records on a blockchain is easing of access to finance.
Sunil Goyal, Managing Director, YourNest Venture Capital, said, “When an entrepreneur and his team leverage a technology that identifies and addresses a clear need gap, and has proven that it can have a global market fit, the synergy with our investment thesis is unquestionable. In KoineArth, we believe we have a startup that will change the way supply chains are managed dramatically.”
The technology platform of KoineArth is seeing applications of this platform from a wide variety of customers in sectors as diverse as manufacturing, agriculture & finance.
Rutvik Doshi, Managing Director and Partner, Inventus India, said, “The awareness of Blockchain infrastructure is increasing globally and there is a deeper recognition that it can make supply chains more transparent and efficient. KoineArth’s marketsN solution is well poised to offer ‘Digital-Supply-Chain-as-a-Service’. I strongly believe in the potential of Koinearth as it focuses on building an end-to-end enterprise platform with blockchain at its core.”