Our Seed Investment in OweMe: Blockchain based supply chain finance payments platform: pi ventures

#Announcement(Startup) #Celebration [ via IoTForIndiaGroup ]
#Organizer : Oweme / pi ventures

We are excited to announce our seed investment in Oweme, a London based supply chain finance platform. Oweme is our first deal in the blockchain space and also our first deal in London. Oweme is founded by Nishant Singh ( CEO, Serial Entrepreneur, IIM A) and Nisha Singh ( COO, ex-Barclays Director, Fischer MBA).
Oweme is a testament to the fact that we read every pitch deck that comes our way and treat every pitch equally irrespective of the source of the deal. Nisha had reached out to us on Linkedin and we were immediately intrigued by the business idea after the first pitch. We had few concerns on the geographic location of the founders (we are based in Bangalore) but our concerns allayed once we met the founders earlier this year.

The oweme application has been designed to be seamless. There is no new infrastructure needed or a new application that has to be installed. All participants in the supply chain will receive a unique account number and sort code through which transactions will take place. Oweme is also exploring an innovative token model that would be linked with fiat currencies. Many Government and charity organisations are keen to use this model to ensure that the money that is being disbursed is used for intended purpose.

The Oweme platform with the required security clearances has been built in record time and is available for banks to try it. The platform also has a unique incentivisation model to make the transaction cash neutral for suppliers.

Read More..