MUMBAI/ZURICH, May 26, 2020.
Pioneering Ventures announced newly closed acquisition of Indian agri-tech company Lateral Praxis today. The move is aimed at enhancing downstream reach of tech-enabled solutions for the food supply chain including information access, apps, data analytics and risk mitigation. The acquisition recognizes significant shifts in the Indian food system in recent years which bring forward an immence potential for using technology and data to improve operational efficiencies and quality in daily supply chain activities. The systematic generation of data intelligence also allows to create valuable services and improve decision making of all parties in the food ecosystem.
Founded in 1999 by agri-tech stalwart Suniti Gupta, Lateral Praxis has worked closely with central and state governments, ministries and departments, along with farmer communities at village/panchayat level to build, configure and implement knowledge-based systems. The Mumbai-based company currently works with a strong core team to deliver solutions for online payment platforms, information aggregation and data mining for a varied customer base.
Speaking about this development, Dr. Pablo Erat, co-founder of Pioneering Ventures, said: “End-to-end supply chain digitization has been a core pillar of our strategy. We have been working successfully with Lateral Praxis for many years and I am confident that the team will further boost our technology and data expertise. 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.”
Elaborating on this development, Suniti Gupta, Founder-CEO of Lateral Praxis and a known agri-tech expert in India said: “As Indian agriculture and food sector gets ready to embrace next generation, tech-enabled future, the time is ripe for positive disruption. Our experience and core competencies will be augmented well by Pioneering Ventures’ expertise and presence across the food supply chain, helping us jointly scale up our solutions and delivery. We look forward to joining the PV family.”