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

  • June 13, 2024
  • By Team TheKredible
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Bengaluru based agritech startup TraceX recorded a whopping 79% rise in its revenue in FY23. The top scale rose to Rs 1.54 crore with over 95% of it coming in from revenue from operations.

A majority of the operational revenue came in from software subscription, while revenue from implementation and training services contributed the remaining 36%.

Comparatively, FY22 had an operational revenue of over Rs 86 lakhs with software subscription pitching in close to 60% and revenue from implementation and training services amounting to over 40% of the overall revenue.

Founded by Anil Nadig and Srivatsa T Sreenivasarao, TraceX last raised an extended Seed round in 2022 securing close to Rs 8 crore from the likes of NAB Ventures, Paipal Ventures, and C Sunil Kumar among others.

Post the round, while the founders of the firm held over 30% each, lead investor NAB Ventures had about 17% of the company’s shares.

It had previously raised a Seed round from the likes of Paipal Ventures and Indigram Labs in 2022.

As for expenses, employee benefits cost over Rs 3 crore while legal and professional charges and promotional activities took up about Rs 60 lakhs and Rs 26 lakhs respectively. This pushed the overall expenses of FY23 to Rs 6.1 crore, a 2.6X growth as compared to FY22’s Rs 2 crore.

Incorporated in 2019, TraceX leverages blockchain technology to connect multiple participants across the food and agricultural supply chain and help them exchange data.

The agritech startup’s widened 3X to Rs 5 crore from the preceding fiscal’s Rs 1.5 crore. Its current EBITDA and ROCE stand at -286.49% and -245.35% respectively.