Toy maker Imagimake has raised INR 20 Cr in a strategic funding round from Pidilite Ventures, the venture capital arm of the adhesive manufacturer.
The startup will use the funding to ramp up its capacity to meet the growing demand and to launch a new range of products over the course of next 18-24 months. The capital will also help the startup accelerate its growth momentum and scale operations.
Imagimake said the deal will enable it to leverage synergies with Pidilite across the value chain and fuel its growth trajectory. The startup will also be able to tap into the adhesive maker’s resource base to better grow its operations.
Commenting on the announcement, Imagimake cofounder Ravi Kumar said, “We are delighted to have Pidilite as an investor. They are an iconic brand we have all grown up with in some form or another in our lives. We see a lot of synergies for us across the value chain that we can learn from and leverage in our growth journey.”
Meanwhile, Pidilite Industries’ deputy managing director Sudhanshu Vats said, “… the emphasis on experiential learning provides a unique advantage to companies like Imagimake. We are pleased to support them on their journey to create innovative and distinctive product lines. We believe they have the potential to excel not only in domestic markets but also to expand into global markets.”
Founded in 2019 by husband-wife duo Kumar and Disha Katharani, Imagimake designs and sells a wide range of educational toys, games as well as art and hobby products. The startup claims to have around 100 SKUs, which it sells through both online and offline channels.
It claims to have a presence across more than 3,000 retail touch points and hold multiple design and utility patents. With consumers in 25 countries, the US tops Imagimake’s export sales.
Imagimake competes with startups such as Shumee, Desi Toys, Kreeda, Skillmatics, and Ariro Wooden.
The Indian toy manufacturing market is largely unorganised and was dominated by imported Chinese goods for a long time. However, lately, Indian MSMEs have filled in the gap, with manufacturers cropping up across India, especially in Delhi NCR, Maharashtra, Karnataka, and Tamil Nadu.
The growth of the homegrown toy industry is being led by an ever-expanding young population and rising disposable incomes. As per a report, the Indian toy industry is projected to soar to a market size of $2.73 Bn by 2027 on the back of this growth.
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