Blockchain Startup Infinichains Raises $2.4 Mn In Series A Funding Round

San Francisco and Pune-based blockchain startup InfiniChains raised $2.4 Mn (INR 17.07 Cr) in its Series A funding round from Ajanta Pharma founder Purushottam Agrawal.The company aims to use the funds to invest in marketing and spread the company’s products abroad as the big chunk of the audience will be in the US and Europe, Parth Patil, CEO and cofounder of Infinichains told Inc42. The company is also looking increase its technology team.Infinichains was founded in 2018 by Parth Patil, and Jitesh Shetty. It works with enterprises, government agencies and non-profit organisations to develop custom blockchain-based solutions to optimise existing business processes.At the same time, the startup also launched its blockchain-based product CREDIBLE. The product is aimed at helping the brands establish the authenticity of their products by showcasing the entire supply chain journey of a product to end users through a blockchain based solution.According to the startup, it is a SaaS product with pre-built and integrated modules for supply chain, identity management, track & trace, & analytics.