Toy company PlayShifu, which helps children develop foundational skills through physical and digital play, on Tuesday said it raised $17 million (nearly Rs 125 crore) in a Series B round. Inventus Capital India led the round, with Inflexor Ventures joining as a new investor, PlayShifu said.
Chiratae Ventures and Bharat Innovation Fund also participated again. The company is now valued at Rs 480-500 crore. The funds will be utilised for product and geographical expansion.
The fundraise follows the most successful year to date in the tech startup's four-year history.
As per data intelligence company Morning Consult, the pandemic has also led a majority of parents to look at devices and technology as educational tools too.
PlayShifu said it clocked 150 per cent year-over-year growth in revenue for the third consecutive year and nearly doubled the team from 60 members in 2019 to 115 members in 2020. The company said its user base grew from 250,000 in 2019 to 600,000 in 2020.
The brand has grown from just 15 countries in 2019 to be available in 35 countries now on the back of global partnerships. The company had previously raised $7 million in a Series A round.
"We are proud of our team for their incredible achievements during the pandemic while working remotely for an entire year. The effort translated into a successful Series B to help take the brand to new heights in 2021 and beyond," PlayShifu Co-founder and CEO Vivek Goyal said in a statement.
Goyal said that with screen time for children aged 4 to 9 averaging as high as five hours per day, the company has a responsibility to help kids develop their early-learning skills in this digital age.
"We plan to expand our product range from 12 to 30 products to cover over 20 early-learning skills by 2022," he added.
With IANS inputs