InfiniChains, a blockchain startup, has announced that Purushottam Agrawal, founder of Ajanta Pharma in India, has invested $2.4 million in it. The funding is intended to implement blockchain technology in improving traceability and authentication of origin of materials in the food and fashion industries.

The startup had recently launched Credible, the blockchain-based tracking platform that allows users to track and trace the life cycle of a product, starting from its origin to its delivery. The platform is claimed to ensure authentic validation of products using QR codes.

Parth Patil, Co-Founder of InfiniChains, has explained that the platform works by storing all information associated with a product on the blockchain. This enables users to trace the complete path of a product’s supply chain thereby adding more value to the product.