Startup
Katidhan is reducing animal-human conflict with its solar powered devices
Farmers in India face many challenges such as extreme weather conditions, pest attack, water scarcity, etc., which result in crop losses. Added to this is the threat of wildlife attacks, which causes severe crop damage.
As the country’s forest cover shrinks, wild animals are being pushed closer to villages, causing serious damage to crops, livestock, and property.
A report from the Indian Council of Agricultural Research (ICAR) from 2021 highlights that wild animal attacks have impacted over 60,000 hectares of farmland, resulting in an estimated loss of Rs 200 crore.
“Farmers encountered significant challenges in safeguarding their crops from wildlife, with losses varying by region. This variability, along with differing animal behaviours and resistance to deterrents, made developing a universal protection solution difficult,” SR Ayan, Founder and Director, Katidhan, tells YourStory.
Ayan founded autonomous light deterrence solutions to farmers.
to stop the destruction of farms by wild animals. The Bengaluru-based firm, started in 2017, offers solar-poweredA mechanical engineering and product design graduate from IISc Bangalore, Ayan bootstrapped the startup with Rs 45 lakh from personal savings.
Developing tech solutions for wildlife deterrence
After extensive research and development, including the study of animal behaviour during different agricultural seasons, Katidhan came up with two products—Parabraksh and Kapikaat, priced at Rs 9,500 each.
Parabraksh is a solar-powered smart deterrent light designed to repel large animals like tigers, leopards, elephants, and wild boars. It operates autonomously using sensors that activate at sunset and simulate the presence of a predator, effectively deterring animals. It has efficiency rates between 89-95% for various species, says the founder.
The device does not harm animals in any way and only scares them away, he adds.
“Our primary product Parabraksh works effectively in all the regions against most of the wild animals that cause crop losses in the agriculture sector,” says Ayan.
Katidhan’s second product, Kapikaat, is a solar-powered bio-acoustic sound system aimed at repelling monkeys from agricultural lands. It uses sound frequencies to keep monkeys at bay, and has an effectiveness rate of about 70%.
According to the founder, the initial product research took around two to three years, and was focused on combining IoT, solar power, and behavioural design to create effective wildlife deterrents.
Addressing regional challenges
Katidhan’s team of about eight people installed its products in various states and observed the outcome for over six months at a stretch about wildlife movement and interaction patterns.
“Our research involved observing animal footprints, crop damage, and exit marks,” Ayan notes. “This data helped us understand movement patterns and optimise the installation points for our devices. This allowed us to fine-tune products for maximum effectiveness.”
One significant insight was that while larger wild animals like tigers and elephants showed consistent behaviour patterns across regions, the monkey species exhibited considerable regional variation. For instance, urban monkeys behaved differently compared to their rural counterparts, he says.
“We discovered that the behaviour of monkeys varied significantly depending on their environment. This variation required us to adapt our strategies accordingly,” Ayan says.
Additionally, farmers across India face similar challenges with wild animal attacks. However, the extent of damage and willingness to invest in deterrent solutions varies by region.
“We realised that a one-size-fits-all approach wouldn’t work due to regional differences in losses and farmers‘ budget constraints, leading to the adoption of Design to Cost techniques in product development,” says Ayan.
“We ensured that our products had the basic minimum features to make them accessible to the largest number of users. Additional features were developed and added gradually based on feedback and demand.”
Sharing his experience with Katidhan’s Parabraksh flash light system, Vikram Muda, a farmer from Odisha, says, “We face trouble with elephants almost on a daily basis. But when we started using Parabraksh, the elephants moved away to other locations and stopped troubling us. We need more of these lights on our land.”
Engaging with farmers
Katidhan engages with farmers through partnerships with developmental organisations and Farmer Producer Organizations (FPOs). These collaborations help in understanding the specific needs and challenges of farmers, as well as in conducting on-ground research.
“We work closely with local organisations to capture valuable insights from farmers. This two-way flow of knowledge helps us tailor our products to better meet their needs,” Ayan says.
Field tests and pilots are crucial to validating product effectiveness.
“Initial research took 2-3 years, but pilots typically last between 1-3 months. We involve farmers, local organisations, and funding partners to capture and analyze data,” says Ayan.
The market and plans ahead
The Verified Market report indicates that the global Electronic Animal Repellent market, valued at $97.1 million in 2023, is projected to reach $120.5 million by 2030 at a CAGR of 3.2%.
Katidhan generated Rs 1.1 crore in revenue last FY and has expanded its reach to 2,500 farmers across 13 states in India, including Karnataka, Maharashtra, Tamil Nadu, Assam, Madhya Pradesh, and Uttarakhand. Among these, Karnataka and Maharashtra have the highest number of farmers using its products.
The startup has registered an annual revenue growth of 3X to 4X and the sales are growing at a rate of 35% y-o-y.
Looking ahead, Katidhan aims to scale its operation. “Our goal is to reach 15,000 to 20,000 farmers by the end of the year and further expand with new product variants,” Ayan explains.
The startup raised Rs 1.5 crore in its initial funding rounds on Shark Tank and is seeking investment to expand its reach and enhance product offerings.
It is also exploring opportunities for international expansion and strengthening partnerships with more local organisations. Ayan states, “Our strategic partnerships have been instrumental in our growth. We’re looking to build on these relationships and explore new collaborations to enhance our presence and impact.”
To address varying regional needs, it plans to refine products further, focusing on affordability and functionality. “We’re committed to making our solutions more accessible without compromising on quality. By incorporating the feedback from our current users, we’ll continue to enhance our offerings and ensure they meet the diverse needs of farmers across different states,” Ayan adds.
Startup
Swiggy IPO gets oversubscribed led by QIB bids
Foodtech giant Swiggy IPO was oversubscribed 1.07 times by Friday afternoon, the third day of its book-building process.
Qualified Institutional buyers (QIBs), which typically invest on the last day to gauge overall market demand, came through for the company’s IPO, with the portion oversubscribed 1.52 times.
According to the BSE, non-institutional investors(NIIS) made bids for 22% of the allocated issue size, while retail investors subscribed to 97% of the portion.
The Sriharsha Majety-led company saw the quota reserved for employees being subscribed 1.38 times.
On the first and second days of the book-building process, Swiggy IPO was subscribed only 35% and 12%, respectively.
Swiggy has secured nearly Rs 5,085 crore (about $605 million) from anchor investors, including the life insurance and mutual fund divisions of HDFC, ICICI, and SBI. The anchor book attracted participation from over 75 major domestic mutual funds, along with international investors such as Astrone Capital, Fidelity, and BlackRock.
The Bengaluru-headquartered company, which competes with publicly listed Zomato and General Catalyst-backed Zepto, has set its IPO price band at Rs 371 – Rs 390 per equity share.
Startup
OpenAI spent $10 million on this domain: Here’s why!
Have you checked out X (formerly Twitter) lately? If you have, you might have come across an intriguing post by Sam Altman featuring a mysterious URL called “Chat.com”, with no caption. Curious? When you click on it, you’re taken straight to OpenAI’s groundbreaking tool, ChatGPT.
OpenAI has made headlines recently with a jaw-dropping move: they reportedly shelled out over $10 million for this domain! At first glance, this looks like a steep price tag in an era where many brands are trimming their budgets to stay lean.
So, what’s the story behind this hefty domain purchase? Let’s take a closer look at this!
Why OpenAI spent millions of dollars on a domain
This strategic move is driven by OpenAI’s mission to establish itself as a dominant force in the realm of AI-powered tools, particularly through its flagship product, ChatGPT.
In the tech world where innovation reigns supreme, securing a domain that perfectly aligns with the branding and functionality of its most popular service is a given. Today, ChatGPT has rapidly become a go-to AI tool used by millions for generating images, answering questions and offering assistance with content creation and even programming.
So, OpenAI’s purchase of chat.com is not just about owning a cool web address—it’s a calculated move to enhance its digital identity and ensure that the ChatGPT experience remains tied to its brand as it expands its offerings.
The bigger picture: OpenAI and HubSpot
In a surprising turn of events, the tech world is buzzing over OpenAI’s recent million-dollar domain acquisition, leaving many to wonder about its intriguing backstory. The domain in question, chat.com, has quite the history—it was initially registered way back in September 1996.
Fast forward to 2023, and it found a new owner in Dharmesh Shah, the co-founder and CTO of the widely popular CRM platform HubSpot, who purchased it for a staggering $15.5 million! But the plot thickens!
Just a few months later, in March, Dharmesh dropped a bombshell: he sold chat.com to an anonymous buyer for an undisclosed sum, which has now been confirmed to be OpenAI. While Sam Altman has remained tight-lipped about the specifics of the acquisition, reports from The Verge suggest that Dharmesh may have pocketed more than $15 million from the sale.
This hefty investment in chat.com is more than just a flashy purchase; it’s part of OpenAI’s strategic vision. Owning a domain that’s not only memorable but also inspires trust is crucial for establishing credibility and attracting customers in this competitive landscape.
Chat.com is now ChatGPT’s new destination
Spending more than $10 million on a domain might seem extravagant, but for OpenAI, this investment is a strategic move aimed at building a more unified, and recognisable brand. With chat.com, the company positions itself at the centre of the rapidly growing AI-powered market. As OpenAI continues to innovate, this domain acquisition will likely prove to be one of the company’s most crucial investments in securing its place at the top of the AI industry.
Startup
Trent Q2 profit grows 47% to Rs 335 Cr; sales jumps 39.3%
Tata Group retail firm Trent on Thursday reported a 46.9% growth in its consolidated net profit to Rs 335.06 crore for the second quarter ended September 2024.
The company had posted a consolidated net profit of Rs 228.06 crore a year ago, according to a regulatory filing from Trent, which operates retail stores under brands like Westside, Zudio, and Star.
Its consolidated revenue from operations increased 39.37% to Rs 4,156.67 crore during the quarter under review. It was Rs 2,982.42 crore in the year-ago period, it added.
Trent’s total expenses rose 48.49% to Rs 3,743.61 crore in the September quarter.
As of September 30, Trent was operating 226 Westside, 577 Zudio and 28 stores across other lifestyle concepts, the company said in an earning statement.
“During the quarter, we opened 7 Westside and 34 Zudio stores (including 1 in Dubai) across 27 cities. We also consolidated 9 Westside and 16 Zudio stores,” it added.
Its Chairman Noel N Tata said: “Consumer sentiment has remained relatively muted. This coupled with seasonality has meant that retail businesses have faced headwinds. In the foregoing context, the team has delivered strong results across brands, concepts, categories and channels in Q2”.
Shares of Trent Ltd on Thursday settled at Rs 6,498.45 on BSE, down 6.54% from the previous close.
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