Candytoy Corporate secures Rs 110 Cr in Series A funding
The Indore-based company plans to expand its manufacturing capabilities and invest in talent for its growth.
Candytoy Corporate raised Rs 110 crore in series A funding from domestic investors, HNIs, angel investors, and institutional investors.
The company, which supplies Candy Toys and promotional toys to over 40 countries, said in a statement that it plans to use the funds to expand its manufacturing capabilities and invest in talent for fast-paced growth.
“This series A deal of Rs 110.5 crores with 13% liquidation will not only help propel our growth but also invest in the incredible talent that drives our success to take on the new business orders received from across the globe,” said Gaurav Mirchandani, Director, Candytoy Corporate Pvt Ltd.
With JNR Corporate Advisors led by CA Jayesh Pahuja as the Advisor, the fundraising partners included Abakkus Asset Managers, Girik Capital, Param Capital Research, Sixth Sense Ventures, and Viney Equity Market.
“We plan to open more manufacturing units within Indore and India keeping in line with our Government’s Make in India initiative,” added Mirchandani.
With a production capacity of 10.5 million Candy Toys per day, the Indore-headquartered company currently exports to Europe, the US, African countries, Turkey, South Africa, Japan, Saudi Arabia, Oman, Kuwait, and UAE.
The company, which was founded in 2019, has more than 250 machines at its six manufacturing units in Indore, Delhi, and Hyderabad, in India, as well as Jebel Ali in Dubai as well as 11 contractual manufacturers, it added.
Edited by Affirunisa Kankudti