Original4Sure, a startup which offers anti-counterfeiting and original product identification solutions, has announced that it has secured ₹2.6 crore ($400,000) seed funding from a clutch of investors led by Venture Highway, Startup Buddy and Nirav Chokshi.
The company will use the newly raised fund for technology and business development. The funding was reportedly raised through the platforms Mumbai Angels and Let’s Venture.
The startup, founded in 2016 by Shreyans Sipani and Divay Kumar, provides anti-counterfeiting and supply chain visibility technology solutions.
Original4Sure’s eponymous product works on encrypted serialisation technology that allows consumers to scan a product’s QR code using a mobile phone and verify its authenticity.
Karan Kumar, fund manager at Venture Highway, said:
Counterfeiting is a massive problem globally . Original4Sure has created an innovative and effective technology that is a highly scalable solution, preventing counterfeiting at the grass-roots level, helping companies build a high level of trust among their consumers even in remote areas of the country.
Scanning helps fight the menace of piracy and counterfeiting, besides providing information on whether a product has been consumed, thus bringing a high level of supply chain visibility.
As per the estimates, the Indian government loses over $10 billion annually due to counterfeit goods. Globally, the counterfeit products market is pegged at around $700 billion.