KoineArth, a Bangalore headquartered blockchain startup has now secured $1.8 million in a Pre-Series A funding round backed by the YourNest Venture Capital with participation from Inventus India and Lumis Partners.
KoineArth is founded by the Praphul Chandra in the year 2018. It focuses on solutions for the supply chain segment, and this latest funding round will be used to fund product development and market expansion as well.
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.”
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.”
KoineArth has developed the ready-to-use “marketsN Platform”, which enables the solutions for contract enforcement, inventory visibility, and invoice financing.
Apart from focusing on product development, KoineArth has been tying up with the financial institutions because a key incentive for putting immutable and verifiable records on a blockchain is easing of access to finance.
The technology platform of KoineArth is seeing the applications of this platform from a wide range of customers in sectors that include finance, manufacturing, and agriculture.