Blockchain start-up InfiniChains raises $2.4 mn from Ajanta Pharma founder

The firm uses blockchain technology for counterfeit prevention, traceability and authentication of origin of materials in various industries such as fashion and food.

Purushottam Agrawal, the founder of specialty pharmaceutical company Ajanta Pharma,  has invested $2.4 million in blockchain technology start-up InfiniChains, in his personal capacity. The firm which has offices in Pune and Silicon Valley, US, uses blockchain technology for counterfeit prevention, traceability and authentication of origin of materials in various industries such as fashion and food. It will use the funding to hire talent and improve the technology.

“InfiniChains team is doing groundbreaking work in blockchain space,” said Purushottam Agrawal, vice chairman of Ajanta Pharma.

A kind of distributed ledger for maintaining a permanent and tamper-proof record of transactional data, blockchain