logo
logo
AI Products 

TraceX’s scale rose 79% in FY23, losses widen 3X

avatar
TheKredible
TraceX’s scale rose 79% in FY23, losses widen 3X

Bengaluru-based agritech startup TraceX experienced significant growth in FY23, with a 79% increase in revenue, reaching Rs 1.54 crore. The majority of this revenue, over 95%, came from operations, primarily through software subscriptions, which accounted for 64% of the operational revenue. Implementation and training services contributed the remaining 36%.

In comparison, FY22 saw operational revenue of Rs 86 lakhs, with software subscriptions making up nearly 60% and implementation and training services accounting for over 40%. Founded by Anil Nadig and Srivatsa T. Sreenivasarao, TraceX last secured funding in 2022 through an extended Seed round, raising approximately Rs 8 crore from investors including NAB Ventures, Paipal Ventures, and C Sunil Kumar. Following this round, the founders each held over 30% of the company, while NAB Ventures owned about 17%.

TraceX had also raised a prior Seed round in 2022, backed by Paipal Ventures and Indigram Labs. The company's expenses in FY23 included over Rs 3 crore for employee benefits, Rs 60 lakhs for legal and professional charges, and Rs 26 lakhs for promotional activities, totaling Rs 6.1 crore. This marked a 2.6X increase from FY22's expenses of Rs 2 crore.

Established in 2019, TraceX utilizes blockchain technology to facilitate data exchange among participants in the food and agricultural supply chain. The startup's EBITDA and ROCE for FY23 were -286.49% and -245.35%, respectively.


If you want to get complete information related to this topic click HERE.

collect
0
avatar
TheKredible
guide
Zupyak is the world’s largest content marketing community, with over 400 000 members and 3 million articles. Explore and get your content discovered.
Read more