A startup by students of IIT Delhi and Delhi Technological University, Leaf Wearables, today announced $250,000 in seed funding from a group of investors. Raised to approach the safety issue of women in the country, the funding will be used to grow Leaf Wearables’ product SAFER, a smart safety wearable device.
The company was founded by Avinash Bansal, Ayush Banka, Chiraag Kapil, Manik Mehta and Paras Batra.
The funding has been raised from Ajeet Khurana – Serial Entrepreneur, Mumbai Angels, Jinesh Shah – Founding Partner at Omnivore Ventures, Vikram Chachra – Co-Founder of Eight Capital, India’s leading Special Situations Investment Firm, Dr. Aniruddha Malpani – Angel Investor, Director at Solidarity Investment Advisors, Vijay Talreja – Angel Investor, Co-Founder and Director at Adapty Inc and others.
The smart safety device was developed under project ‘Guardian’, resulting in a full-fledged product and led to the start of Leaf Innovation Pvt. Ltd in February 2015. The product, now known as SAFER, is a smart safety device, which can be used to trigger alarm and send signals to pre-identified phone numbers in case of emergency. The device can be used as smart jewellery in the form of a necklace; the product is available at a price of Rs. 3500.
Since its inception in February 2015, the company has raised Rs 5 lakh through crowdfunding and an amount of $80,000 through business plan competitions.
One of the app’s prominent features is SaferWalk where users can enter their start point and destination, incase they feel the route is unsafe. Through this, the user’s pre-designated guardians can track the location and virtually accompany them till they reach the destination, after which live tracking can be disabled.
According to Tech Analysis Research, the smart wearables market will reach 175 million people by 2020. On the other hand, the website forecasted the market to reach a revenue of $32 billion and then flatten out.
There are many safety wearables throughout the globe, like Guardian Angels, Artemis, Warybee, Cuff but in India Leaf wearables does not face any direct competition.