$1.8M raised by Blockchain Startup KoineArth
Bengaluru headquartered block chain startup KoineArth has raised $1.8million in a Pre-Series A funding round led by YourNest Venture Capital. Existing investors Inventus along with Lumis Partners also participated in this round.
KoineArth was founded by Praphul Chandra in 2018. The company focuses on solutions for the supply chain segment. It has also been trying to tie up with financial institutions for putting verifiable and immutable records on a blockchain which is the key incentive for easing of access to finance.
Praphul Chandra, Founder & CEO, KoineArth, 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.”
The latest infusion of funds will be used by KoineArth for product development and market expansion.
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.”
KoineArth has developed a platform, marketsN which enables solutions for inventory visibility, invoice financing, and contract enforcement. A wide variety of customers from sectors such as manufacturing, agriculture and financing are applying for the technology platform.
“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,” says Rutvik Doshi, Managing Director and Partner, Inventus India.
KoineArth was founded by Praphul Chandra in 2018. The company focuses on solutions for the supply chain segment. It has also been trying to tie up with financial institutions for putting verifiable and immutable records on a blockchain which is the key incentive for easing of access to finance.
Praphul Chandra, Founder & CEO, KoineArth, 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.”
The latest infusion of funds will be used by KoineArth for product development and market expansion.
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.”
KoineArth has developed a platform, marketsN which enables solutions for inventory visibility, invoice financing, and contract enforcement. A wide variety of customers from sectors such as manufacturing, agriculture and financing are applying for the technology platform.
“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,” says Rutvik Doshi, Managing Director and Partner, Inventus India.
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