Delhi-based Original4Sure, technology-based anti-counterfeiting and original product identification solution for consumer products, has raised $400,000 in a round led by Venture Highway, Startup Buddy and Nirav Chokshi.
Following the investment, the startup plans to use the latest proceed towards technology and business development, reported ET.
“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,“ said Karan Kumar, fund manager at Venture Highway.
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Founded in 2016 by Shreyans Sipani and Divay Kumar, Original4Sure provides anti-counterfeiting and supply chain visibility technology solutions. Besides, it provides information on whether a product has been consumed, thus bringing a high level of supply chain visibility.
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.
As per an estimate, the Indian government loses over $10 billion annually due to counterfeit goods. Globally, the counterfeit products market is worth $700 billion.
The startup, which has been selected for Oracle Startup Cloud Accelerator programme, deals with clients such as PepsiCo, Nova Dairy Products, DCM Shriram and Panasonic.
Earlier, this month YouWeCan-backed Startup Buddy led an undisclosed investment round in Gurugram-headquartered fintech startup Chqbook.