The start-up now plans to utilize the funds for product development, filing patents and global certifications for its entire tech stack.
Founded in the year 2016, TagBox helps companies improve their cold chains by giving real-time visibility and predictive insights for an end-to-end cold chain health at all levels of granularity. They enable organizations to create reliable and sustainable cold chains with the use of IoT, advanced analytics, and automation.
"We are incredibly privileged to be invested in by such an amazing investment network. We believe that IAN's experience and in-depth knowledge would provide a significant boost to our quest to cost-effectively and reliably tag every single box that carries cold chain products, monitor its health real-time, and predict and prevent cold chain failures," co-founder TagBox, Adarsh Kumar said.
Despite the current cold chain industry, which is globally a USD 10 billion market, the ecosystem is riddled with inefficiencies.
The key problem areas in cold chains are low or fragmented visibility and traceability into cold chain health and performance, inability to meet compliance requirements which leads to penalties, significant human dependence for quality control with very low automation, high cold chain cost (4X of regular supply chain) with low SLAs, and product spoilage, shrinkage, and expiry losses due to mismanagement and breakdowns.
The current solutions are primarily 'Hardware' oriented and provide raw telemetry data to organizations in formats that can be barely used with limited data historical storage.
"There is no doubt that technology has given cold chain monitoring a significant boost, and the space is growing at a rapid pace. We strongly believe that the solutions provided by TagBox, not only differentiate from other players but also has the potential to substantially develop the future of India's food waste management," said IAN Lead, Naveen Gupta.
However, almost 40 percent of India's total food production is lost in transit, wasted by consumers or damaged (according to the United Nations Development Program), and nearly 80 per cent of medicines produced lose their potency due to inferior temperature controls during transport.
"No doubt that the market has tremendous potential, but what differentiates us from others is delivering our tech efficiently, with precision and timeliness," Kumar added. (ANI)