How is LW3 Private Limited utilizing Blockchain Technology to enhance traceability?
Abhijit Pegu, one of the co-founders of LW3 Private Limited, recently sat down with Business North East (BNE) to discuss the company’s origins, challenges, and future endeavors. Established in Guwahati in December 2022, LW3 Private Limited is a deep-tech blockchain startup with a mission to address issues related to traceability and authenticity using Digital Product Passports (DPPs) based on blockchain technology.
Pegu shared his inspiration behind starting the company, recalling a personal experience at the gym where he encountered counterfeit whey protein powder. This incident sparked his interest in blockchain technology and its potential to combat counterfeiting, leading him to discuss the idea with his co-founder, Marungsha Swrang Brahma, resulting in the birth of LW3. Over the past two years and eight months, the company has garnered recognition from various stakeholders, including government entities, the startup ecosystem, and potential clients.
Regarding the company’s plans for scaling and commercializing their Digital Product Passport service, Pegu emphasized the importance of leveraging blockchain technology for traceability purposes. LW3 is currently utilizing Algorand and Polygon blockchains and plans to expand to Cardano in the future to develop solutions that transcend geographical and technological boundaries. By collaborating with India’s largest three-wheeler EV manufacturer for a pilot project, LW3 aims to kickstart revenue generation by the end of the year through multiple pilot programs across various industries like EVs, solar panels, wine, and spices.
Explaining how DPPs serve as digital identities for products to ensure traceability and authenticity, Pegu highlighted potential adopters in industries such as EVs, electronics, and food & textiles. For instance, LW3 is working on a project called “Battery Aadhaar,” which aims to track key minerals in EV batteries, while electronic manufacturers need solutions to comply with recycling mandates, such as the EPR mandate 2022 requiring 80% of products to be recycled by 2028.
When it comes to pricing models, LW3 follows a flexible approach based on sector-specific requirements. Pegu acknowledged the need to adjust pricing based on product value, experimenting with subscription models and licensing fees to tailor solutions to different industries. With counterfeiting costing India over INR 1 lakh crore annually, LW3 plans to penetrate the market by targeting high-value and long-shelf-life products, collaborating with regulators, raising awareness, and forging partnerships with businesses.
In terms of market expansion, LW3 focuses primarily on B2B relationships to help companies safeguard their products and enhance consumer trust. However, the company also engages with regulators and government bodies to influence policy frameworks. Pegu outlined a multi-chain strategy to maximize global reach by integrating with different blockchain networks, participating in international events and hackathons, with the ultimate goal of establishing a global product with widespread market presence.
