The acquisition will bolster the use of technology to improve operational efficiencies and quality in daily supply chain activities.
Switzerland based agri-food investment firm Pioneering Ventures acquired agri-tech company Lateral Praxis, marking its first bet in the Indian agriculture technology space. However, the value of the transaction was not disclosed.
The move is aimed to provide tech-enabled solutions for the food supply chain including information access, apps, data analytics and risk mitigation. The acquisition will bolster the use of technology and data to improve operational efficiencies and quality in daily supply chain activities.
The Mumbai based Lateral Praxis currently works with a core team to deliver solutions for online payment platforms, information aggregation, and data mining for a varied customer base.
Dr. Pablo Erat, Co-founder, Pioneering Ventures, said: “The acquisition is an important milestone in the implementation of our strategy to accelerate the development of our fully integrated food technology platform and help us drive large-scale transformation across the food ecosystem through data intelligence-based services.”