Wednesday July 24th, 2024
Download SceneNow app

UAE-Based Platform Maalexi Raises $ 1 Million to Boost GCC Food Trade

In its first venture outside of India, Stride Ventures has invested in Maalexi, a UAE-based agritrade fintech platform.

Hassan Tarek

UAE-Based Platform Maalexi Raises $ 1 Million to Boost GCC Food Trade

India-based venture debt firm Stride Ventures has announced its first investment of $1 million in Maalexi, a UAE-based agritrade fintech platform, marking its expansion into the Gulf Cooperation Council (GCC) region.

This investment aims to support Maalexi's growth plans and enhance its operational capabilities, ultimately improving food and agri-produce procurement and distribution across the region.

Founded in 2021 by Dr. Azam Pasha and Rohit Majhi, Maalexi helps small food and agri-businesses to participate more effectively in cross-border trade. The company's platform offers a suite of risk management tools, including digital contracts, AI-powered inspections, and blockchain-authenticated documentation.

These tools streamline the procurement process for SME agri-buyers, enabling them to source food supplies more efficiently and securely from SME agri-producers and exporters worldwide.

The capital infusion will allow Maalexi to acquire new users, scale operations, deploy technology solutions, streamline goods movement, and mitigate risks associated with international trade.

The additional debt capital will also empower Maalexi to further expand its operations and bolster food security efforts within the UAE and the broader GCC region.