A startup launched by an entrepreneur based in Kerala has introduced a tokenized finance (decentralized finance) platform which will boost the availability of cheaper finance from abroad for seafood exporters. The platform, Kochi-based Renai.IO (Metabasu Technologies Ltd.), is the first such enterprise in the country. The digital platform connects investors abroad with Indian marine exporters.
According to the founder and CEO of Renai.IO Avira Tharakan, the platform incorporates crypto technologies and export finance. “Easy finance will be available to marine exporters without depending on banks,” he said.
Being a decentralized finance, money will be available anywhere in the world. “Tokenization involves digitizing real-world assets such as real estate, equity, debentures, art objects, intellectual property and data. Even a seafood container can be tokenized,” said Tharakan.
Initially, the startup will arrange a fund worth US Dollars 100 million by roping in investors from the Gulf region. “India is engaged in seafood exports worth US Dollars eight billion (Rs 60,000 crore) every year. Renai aims at a tokenization of Rs 1,000 crore in one-and-a-half years,” he said.
Tokenization finance will be extended to other sectors also, added Tharakan.
Tharakan’s first startup was ‘Docks Wallet’, which was later acquired by VFS Global. Hailing from Alappuzha, Tharakan lives in Kochi.