Blockchain-based, multi-enterprise supply-chain business network (MESCBN) platform, Dltledgers, said it has raised $8.5 million in Series B funding round led by the family office of the Tata Group and Centrum at a valuation of more than $100 million.
Company said it would deploy the fund to expand its operations to North America, scale its engineering and growth teams, and innovate on the platform with Microsoft, Accenture, SAP and Corda
Founder of the company Samir Neji said, “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.”
Dltlledger will extend the round to $15 million by the end of October, the decision came owing to the demand and extended interest from the other investors in APAC region.
FMCG company Wipro Consumer Goods, Dltledger’s client for the past two years, welcomed the announcement. Deepak Chandra, Global CFO, Wipro Consumer Goods said, “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.”
Besides Wipro Consumer Goods, Dltledgers’s platform is also catering enterprises and banks like Mondelez, Tata Motors, ANZ bank, Shiseido, OCP, Trade Development Bank of Africa and Stockland.