Josh app’s parent company VerSe has joined hands with HappyTopia to venture into the children’s entertainment product space.
Founded by CEO Kunzang Chawla, HappyTopia operates vending machines which offer different products for children. The startup has joined hands with Josh to roll out co-branded HappyTopia capsules, enhancing the engagement and fun for children, as well as parents.
Josh will offer its technical expertise to HappyTopia to further elevate the convenience and shopping experience through the latter’s smart vending machines.
Commenting on the startup’s tie-up, founder Chawla said, “Leveraging Josh’s extensive expertise in entertainment and state-of-the-art technology, this partnership allows us to reach an even wider audience and enhance the way families access and enjoy HappyTopia’s products. We look forward to a successful journey ahead.”
HappyTopia claims to be operating 150 vending machines in Bengaluru and Hyderabad. It aims to expand its presence across India, with more than 5000 vending machines. It looks at the partnership as a game changer for its business.
Launched in 2020 by VerSe Innovation, Josh is India’s homegrown short video app which boasts a network of over 1,000 creators and a community of 20,000 managed creators. It has collaborated with major players in the music industry and claims to have over 15 Mn UGC creators, state-of-the-art content creation tools, captivating entertainment formats, and a formidable user base.
Interestingly, this collaboration comes at a time when VerSe is witnessing an increase in loss. For the financial year ending March 2022, it reported a loss of INR 2,563.33 Cr, a 3.2X hike from INR 807.95 Cr in FY21.
According to a study conducted by IMARC Group, the children’s entertainment market size reached $11.2 Bn in 2022 and is expected to grow to $18.1 Bn by 2028 exhibiting a 7.95% CAGR.
Recently, toy maker Imagimake secured INR 20 Cr from Pidilite Ventures to ramp up its capacity to meet the growing demand and to launch a new range of products over the course of the next 18-24 months. The startup also said that the funds will be deployed to accelerate its growth momentum and scale operations.
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