TrusTrace: How Madhava Venkatesh Raghavan is Mastering Global Supply Chain Transparency
When a consumer picks up a pair of "recycled polyester" sneakers or an "organic cotton" T-shirt, they are trusting a label. But behind that label lies a convoluted, multi-continent supply chain where proof is often just a stack of paper. Madhava Venkatesh Raghavan, Co-founder and CTO of TrusTrace, is digitizing that trust. By building a Traceability-as-a-Service (TaaS) platform that uses AI and Blockchain, Madhava is helping global icons like Adidas and Asics prove that their products are truly sustainable, ethical, and circular.
Madhava Venkatesh Raghavan’s journey is a story of a veteran technologist pivoting to save the planet. With over two decades of experience in large IT corporations and a degree from Madurai Kamaraj University, Madhava was an expert in high-end digital architecture. In 2016, alongside Shameek Ghosh, Saravanan Parisutham, and Hrishikesh Rajan, he launched TrusTrace. Headquartered in Stockholm, Sweden, with a deep engineering heart in Coimbatore, India, the company recently secured **$24 million in growth funding** to become the global "Digital Passport" for the fashion and textile industry.
The 2016 Swedish-Indian Spark
TrusTrace was born out of a realization that global industrialization was happening at the "cost of the planet." Shameek Ghosh, based in Sweden, saw the environmental policies of Europe, while Madhava and the team in India saw the raw impact of textile pollution. This unique cross-continental perspective allowed them to build a solution that satisfies Western regulations while working with the reality of Asian manufacturing.
The Problem: The "Visibility Black Hole"
In the fashion industry, a brand might know their immediate garment supplier (Tier 1), but they are often blind to who dyed the fabric (Tier 2), who spun the yarn (Tier 3), or where the raw cotton was farmed (Tier 4). This lack of visibility is where toxic chemicals, forced labor, and "greenwashing" thrive. Traditionally, verifying these claims required manual audits and paper certificates that were easily forged or lost.
"We realized that traceability isn't just about 'Organic' anymore," Madhava explains. "It's about responsible production. Is the employee welfare protected? Are toxic chemicals being dumped into rivers? You can't solve these problems with audits; you solve them with data that follows the product from raw fiber to retail shelf."
The Solution: Traceability-as-a-Service (TaaS)
TrusTrace act as the "Digital Backbone" for global supply chains. Their platform integrates with the disparate systems of thousands of suppliers, using AI to validate data and Blockchain to ensure that once a record is created, it cannot be tampered with.
The TrusTrace Traceability Loop
- Data Ingestion: Onboarding suppliers from Tier 1 to Tier 4 into a single digital ecosystem.
- AI Validation: Using machine learning to cross-reference shipping documents, invoices, and certificates for authenticity.
- Blockchain Fingerprint: Creating an immutable record of every material movement and process change.
- Digital Product Passport: Generating a unique ID for each item that brands can share with regulators and consumers.
- Circular Management: Tracking items post-sale to facilitate recycling and reduce the need for "virgin" fibers.
Scaling Impact: $24M to Power the Circular Economy
TrusTrace’s growth has been fueled by a massive shift in global policy. With Europe introducing strict "Digital Product Passport" requirements, brands like **Adidas** and **Brooks Running** have turned to TrusTrace to manage their compliance. The company’s recent **$24 million funding round** led by Circularity Capital is a testament to the fact that traceability is no longer a "nice to have"—it is a mission-critical business utility.
"In a startup, you are a learner for life," Madhava reflects. "We spent the first three years just understanding the friction points of a Vietnamese factory versus an Indian spinning mill. Because we stayed alive through those early years, we are now perfectly positioned to lead the world as sustainability becomes the law of the land."
TrusTrace Scale & Reach
- $24 Million Growth Funding: Secured in early 2024 to accelerate global expansion.
- 4 Patent CTO: Madhava leads a team of high-end engineers with a focus on IoT and AI.
- Global Brand Partners: Trusted by icons like Adidas, Tapestry, Asics, and Brooks.
- Cross-Continental Roots: Headquartered in Stockholm with operations in Coimbatore and Paris.
Lessons in Resilience: The 3-Year Wait
Madhava is refreshingly honest about the "Solo Journey" of early entrepreneurship. He shares how TrusTrace was initially a "tough sell" because the market wasn't ready for deep traceability. He recounts how the team survived by being prudent and building a culture where employees felt a deep connection to the mission. For Madhava, the most important hire isn't the best coder—it's the person who understands *why* the product matters to the planet.
"Never get married to just the idea; get married to the problem," he advises. "We pivoted from a general technology focus to a specific fashion and footwear focus because that's where the planetary impact was greatest. Be ready to take a step back to find the right path forward."
Founder's Lesson: Diversify Your Founding Team
Madhava believes that a multi-founder team is essential for deep-tech. "You need different people with different perspectives. Having co-founders who can balance your tech focus with business and operations allows you to survive the 3-to-5-year 'dark phase' of every startup."
The Future: A Digital Passport for Everything
Madhava’s vision for TrusTrace is to move beyond fashion into every industry where "Impact" matters—from food to electronics. He sees a future where every physical item has a digital twin that tracks its carbon footprint, its labor conditions, and its recyclability. For Madhava, the ultimate victory isn't a valuation, but the sight of a truly circular economy where waste is designed out of the system.
TrusTrace is proving that the next generation of global infrastructure is being built at the intersection of Swedish policy and Indian engineering. By giving every product a voice, Madhava Venkatesh Raghavan and his team are ensuring that for the future of consumption, the truth is finally traceable.
About the Guest
Madhava Venkatesh Raghavan is the Co-founder and CTO of TrusTrace. An alumnus of Madurai Kamaraj University and a veteran of the global IT services industry, Madhava is a visionary in the field of supply chain technology. Under his leadership, TrusTrace has emerged as a world leader in traceability, securing multi-million dollar funding and partnering with the world's largest footwear and apparel brands. He is a recognized expert in AI, Blockchain, and circular economy architecture.
TrusTrace is a leading platform for product traceability and compliance data management. By utilizing AI and blockchain to integrate data from across global value chains, the company helps brands achieve full transparency, comply with international regulations, and drive the transition toward a circular and ethical economy.