[Funding alert] Imagimake Play Solutions raises undisclosed round from Velocity
Imagimake Play Solutions, which makes a range of innovative toys and games under the brand Imagimake, has raised an undisclosed round of financing from revenue-based financier Velocity.
This is the second round of financing they have raised from Velocity, having previously raised Rs 4.4 crore in Pre-Series A round from Roha Investment Managers and angel investor Saumil Shah.
The startup is gearing up for its next leg of growth with this financing.
Co-founder Ravi Kumar said, “We now want to build on this strong foundation to scale our business and launch new product lines. With increasing propensity to spend and more discerning millennials entering parenthood, we believe that the market for our educational and creative products is ripe for growth. We plan to use the funds from Velocity.in to finance our new line of products."
Founded in 2012 by Disha Katharani and Ravi Kumar, Imagimake provides a range of constructive and innovative toys and games across themes that helps children in learning, education, and creative development.
It markets its products across online and offline channels in over 25 countries across the world. It is available on platforms such as Amazon, Flipkart, FirstCry, as well across over 2,000 offline stores in India. Besides, it also has a direct to consumer (D2C) channel.
"We want to expand our manufacturing in India and constantly need working capital to scale our business. Thanks to Velocity.in, we have ready access to funding that can be raised without diluting equity or pledging our assets. We will be using this financing to expand our product lines and fulfil unmet demand in India and other international markets like US, Canada and Mexico," said Disha.
The Indian government’s initiatives, such as remittance on exports and the establishment of special economic zones, are expected to propel the Indian toy market to $2-3 billion by 2024.
Further, India’s per capita spending of Rs 150-200 per child is also expected to grow exponentially. These macro factors paint an extremely positive picture for Imagimake, it said in a statement.
Imagimake has been leveraging these initiatives to better source its products at more competitive rates and grow their business.
“We have seen an exponential growth of 8X in the last three and half years. With also aim to double these revenues in 2021, as compared to the previous fiscal year. Our goal is to be a leading player in the edutainment segment through innovative and creative offerings across India,” said Ravi.