Dltledgers (Distributed Ledgers Technology Pte Ltd), a blockchain-based, multi-enterprise supply-chain business network (MESCBN) platform, said it has raised $8.5 million in a funding round led by the family office of the Tata Group and Centrum at a valuation of more than $100 million.
Dltledgers said it would use the funds to expand its operations to North America, scale its engineering and growth teams, and innovate on the platform with Corda, Accenture, SAP and Microsoft.
“It is a tough climate for fundraising as the world market is going through flux and investors are very selective. It’s a real testament to our platform and its multiplier effect; we got oversubscribed for our series. The world needs an MESCBN platform which can connect supply chains across entities, starting from a supplier or distributor framework,” said Samir Neji, founder of Dltledgers.
Considering the demand and extended interest from other investors in the APAC region, dltledgers will extend the round to $15 million by the end of October, said the company’s statement.
FMCG company Wipro Consumer Goods, a customer of Dltledgers for the past two years, welcomed the announcement. “We have been with #dltledgers for the last two years and have seen the impact of their MESCBN blockchain platform across our suppliers and distributors. It has helped us streamline processes, build a connected supplychain and increase collaboration with two-way agreements, saving us time, effort and cost across multi party transactions,” said Deepak Chandra, Global CFO, Wipro Consumer goods.
Besides Wipro Consumer Goods, Dltledgers’s platform is also deployed in enterprises and banks like Mondelez, Tata Motors, ANZ bank, Shiseido, OCP, Trade Development Bank of Africa and Stockland.
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