Sanjeev Chatrath, New dltledgers CRO focuses on digitally transforming global trade finance
The disrupted global supply chain triggered by port congestion and shipment delays amid the Covid-19 pandemic is now putting pressure on a streamlined and optimized supply chain to deliver uninterrupted international trade transactions. While highlighting port activities and capacity requirements, trade finance could leverage functional advancements as well.
Trade finance provides short-term credit and insurance to fund a global transaction and the parties to these transactions don’t simply include importers and exporters. Rather, the transaction is also executed among each party’s bank, a cargo forwarder, the insurer, and the inspector, customs, document couriers, and the logistics carrying the ordered goods to be delivered across the sea. These parties carry out the required documentation of more than 15 pages including thousands of data field exchanges.
This is the reason why Sanjeev Chatrath, the newly hired chief revenue officer of Singapore startup dltledgers, forms an opinion that these difficult practices are required to have their own digital transformation - not just for functional enhancement but also for a more comprehensive future of global trade.
He explained FreightWaves following his hiring, “I am a firm adherent that innovation is an enormous empowering agent for making a more practical world, driving variety and consideration through conveying a more noteworthy degree of effectiveness in business”.
Currently, with his 25 experience in the finance industry from Citigroup, Thomson Reuters, and IBM, Chatrath and the group at dltledgers will keep on developing the enterprise solution that enables each global trader to ensure transparency of a shipment’s progress.
Now the parties engaged in trade finance are capable of tracking and recording exchanges of data by using a shared ledger, with every exchange approved by each party, developing a single, standardized record with correctness that is reliable.
Shipment delays, fraud, and security difficulties can turn out to be more straightforward while applying blockchain technology to global trade.
As per the founder and Chief Product Officer Samir Neji, “Sanjeev is immensely energetic with regards to the objectives of our business and tackling these long-standing difficulties being faced by global trade finance. With the long delays, we are witnessing, a lot of working capital is getting secured, which blocks the financial performance of a lot of organizations and is affecting the financial incorporation of small and medium-sized businesses.”
In April, it was announced by dltledgers that it had effectively incorporated this technology to a $12 million trade transaction with international food organizations Cargill and the first large organization on its platform, Agrocorp. The enormous shipment of wheat from North America to Indonesia required five days to settle, a transaction that generally requires up to 30 days to settle, as per the company.
To date, dltledgers have effectively achieved over $4 billion of global trade transactions with organizations including Schneider Electric, Shiseido, Deloitte, and Marubeni.
With its technology partners Hyperledger, SAP, Microsoft, and Google Cloud, dltledgers has concentrated on enhancing trade transactions in regions in Asia, Africa, the Middle East, and Australasia.
After bringing $7 million up in its Series A round in March, the organization desires to use Chatrath's initiative and experience on its way toward a pre-Series B raise in Q4. Since 2019, dltledgers has raised a sum of $9.5 million, as per Pitchbook.
As per Chatrath, “We have now arrived at a phase where we are prepared to truly scale our foundation and organizations. There is an enormous amount of interest from the investor community and I think that is a favorable sign for the impact of our company on the future of trade finance.”