The Bengaluru-based stem toymaker, PlayShifu, has raised $17 million or INR 124 crore through a Series B round at a valuation of INR 480-500 crore. The frontrunners in the round were Inventus Capital and other high-profile investors like Inflexor Ventures, Chiratae Ventures, and Bharat Innovation Fund also participated in the round.
The startup plans to put the proceeds towards product development and geographical expansion. Inventus Capital and Chiratae Ventures (earlier known as IDG Ventures) had also taken part in the Series A funding round.
It is estimated that the company has showcased the growth of 150% year-on-year for the third consecutive year. However, no concrete data has been disclosed by the company on the same.
IIT graduates Vivek Goyal and Dinesh Advani founded PlayShifu with the objective of making educational toys by leveraging augmented reality technology. The startup competes in stem education’s niche space through its immersive physical and digital learning experience platform explicitly designed for kids.
An aggressive omnichannel strategy is the reason behind the company’s rapid growth, as claimed. It has now expanded to 35 countries which is an enormous rise compared to its presence in meager 15 countries in 2019.
London-based Kano, California-based Wonder Workshop, and Colorado-based Sphero are the brand’s key global competitors apart from the numerous domestic ones.
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