Early studying toy firm PlayShifu has raised $17 million in a Collection B fundraise from a clutch of traders led by Inventus Capital India with Inﬂexor Ventures becoming a member of as a brand new investor. Current traders Chiratae Ventures and Bharat Innovation Fund additionally participated within the spherical. With this spherical, the corporate has up to now raised a bit of over $25 million.
With this funding, the corporate plans to develop its product portfolio from 10 to 30 merchandise to cowl over 20 early-learning expertise by 2022. It would even be utilising the funds for strengthening its India group and increasing to new international locations for which it can rent mini groups around the globe. Its merchandise are at present obtainable in 35 international locations.
Based by Vivek Goyal and Dinesh Advani in 2016, PlayShifu helps dad and mom convert their youngsters’s display time into significant phygital play – the interplay of tactile toys with a digital machine–mixed with gamifying early studying expertise.
“With display time for youngsters ages 4 to 9 averaging as excessive as ﬁve hours per day, we have now a duty to assist youngsters develop their early-learning expertise on this digital age. Our merchandise provide wealthy and variable content material that engages youngsters ten occasions higher than the highest 25 apps worldwide,” stated Goyal.
It at present has three AR-based platforms specifically Orboot, Plugo, and Tacto and a fourth voice-based platform within the pipeline which will likely be launched subsequent 12 months.
The corporate has seen its person base improve from 250,000 in 2019 to 600,000 in 2020. Whereas Covid added tailwinds to the corporate by way of gross sales, it misplaced alternatives as demand for studying merchandise shot up by 3x with youngsters locked in houses and searching for a supply of instructional studying they usually couldn’t ramp up manufacturing in time. “At the moment we solely have third get together manufacturing capability in Mumbai. By finish of this 12 months we may have a number of producers in a number of cities for our merchandise,” stated Goyal.