SUMMARY
The funding round will be led by Inflexor Ventures, and will see participation from Chiratae Ventures, Bharat Innovation Fund, and Athera Ventures Partners
PlayShifu cofounder Dinesh Advani told Inc42 that the fresh capital will be utilised to expand its product portfolio and distribution reach
Founded in 2016, PlayShifu sells games and toys which help kids build foundational skills such as critical thinking, engineering and geography
PlayShifu, maker of augmented reality-driven toys and games, is in talks to raise $6 Mn in its Series C funding round.
The funding round will be led by Inflexor Ventures and will also see participation from Chiratae Ventures, Bharat Innovation Fund, and Athera Ventures Partners. Several family offices are also expected to join the startup’s cap table, sources told Inc42.
The Bengaluru-based startup will be raising the capital at the same valuation as during its Series B funding round, the sources added.
PlayShifu cofounder Dinesh Advani confirmed the development to Inc42. He said the startup intends to utilise the fresh capital to expand its product portfolio and distribution reach.
Advani also claimed that PlayShifu’s revenue in the financial year 2023-24 (FY24) will be 50% higher than in FY23. “We will be EBITDA profitable in the next six months,” he added.
However, he refused to disclose the startup’s revenue numbers for FY23 and FY24.
Founded in 2016 by Advani and Vivek Goyal, PlayShifu sells games under three product categories – Orboot, Plugo and Tacto. The startup claims to have customers in over 40 countries, with North America and Asia being the top revenue contributors.
The startup claims its products help 4-12 year kids build foundational skills such as critical thinking, engineering and geography.
PlayShifu sells its products through its website, online marketplaces, retail chains, and brick-and-mortar stores. Even in the US, the startup sells its products via ecommerce platforms such as Amazon and eBay, and retailers such as Walmart’s Sam’s Club, Toys‘R’Us, and Hamleys.
It last raised $17 Mn in its Series B funding round from Inventus Capital India, Inflexor Ventures, Bharat Innovation Fund, and Chiratae Ventures in 2021.
Overall, PlayShifu has raised a total funding of around $30 Mn till date. It competes with the likes of Blix and Buddyz in the learning-based toys and games market.
As per a report by Markets and Research, the Indian toys and games market is estimated to reach a size of $4.4 Bn by 2032 from $1.7 Bn in 2023.
