Smartivity Labs, India's pioneering STEM (Science, Technology, Engineering, (Arts), and Math) toys design startup on Thursday raised USD 2 million from Ashish Kacholia, one of India's most influential stock market investors and Director - Research at Mumbai-based Lucky Securities.
This round was also participated in by existing Smartivity investors - S Chand Group, AdvantEdge Founders and Ant Space.
"I got interested in Smartivity because my daughter Anisha loved their STEM toys, and the toys gave me quality bonding time with her every weekend. I can see the improvement in her understanding of scientific concepts and analytical skills; and reduction in screen time. Same will apply to many young parents and their kids, at a VFM price. I believe that Smartivity is going to revolutionise the Indian toy industry and bring up a whole generation of tech smart kids," said Ashish Kacholia.
Smartivity is the fastest growing STEM educational toys brand from India.
STEM toys is one of the fastest growing categories in global toy industry and includes toys designed to introduce children to fundamental concepts from the STEM fields.
Smartivity has emerged as a global consumer brand in the toy industry with a strong presence in highly discerning markets of USA, Canada, Europe and Australia, among other countries.
"Smartivity has grown over 10X in the past two years. We expect to cross Rs 100 crores revenue in the next three years. The current round of fund infusion will be primarily used towards strengthening product development; bolstering manufacturing capabilities; and launching innovative brand awareness initiatives in India, as well as American, European and other international markets," said Tushar A Amin, co-founder, Smartivity Labs.
Smartivity has a robust global order book and its exports are expected to grow three to four times this year.
The platform will also be expanding its presence to geographies like Russia, China, Japan and South America over the next few months.
"We are on track to meet the INR 100 crore by 2021 target. We are focussed on the needs of our evolving audience and the industry. People, processes and product innovation are Smartivity's core strengths. We will be strengthening our design capabilities to ensure that that every young mind that engages with Smartivity product has a fun, flawless and world-class experience, We want to win every parent's trust and every child's love. Our vision is to be the best STEM toys brand in the world," added Amin.
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