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Thursday, July 18, 2024

the EleFant raises $750K in seed round, which is pioneering Sustainable Toy Subscription in India from Venture Catalysts, Malpani Ventures


EleFant, a mobile app-based toy Library, has raised Rs 6 crore (about $750K) in its seed round co-led by Malpani Ventures, Venture Catalysts with participation from several notable investors and family offices. the EleFant was founded in 2023 by Sourabh Jain, a devoted father inspired by his daughter’s curiosity and love for learning. Witnessing the clutter of unused toys and the constant demand for new ones, Sourabh envisioned a solution that would provide children with a continuous supply of engaging educational toys while promoting sustainability.

The funding round saw participation from a roster of investors, including Sudhakar Pai& Jyothi Pradhan from Kanara Consumer Products Limited, part of Manipal Group, Agre Global FZE, Growth 91/Growth Sense, IVY Growth, SiriusOne Capital and several angel investors. Notable among these are Jignesh Mehta, Senior Director of Internal Controls for Asia Pacific, Middle East & Africa at Mondelez International.

The Indian toy market, bolstered by rising disposable incomes and the 2020 National Education Policy promoting play-based learning, presents a significant opportunity for the EleFant. The market is projected to grow at an 8% CAGR, reaching $3.3 billion by 2027. With this fnding, the EleFant is well-positioned to capitalize on this growing market, expand its footprint across India, and potentially explore international markets in the future.

the EleFant, fully operational in 16+ cities across India, is disrupting the traditional toy model for parents with its unique Discover-Play-Return model. Departing from the conventional Buy-Play-Clutter approach, the platform offers an extensive selection of toys and books for children aged 0-12 years, sourced from 70+ top brands with over 600 options. In an impressive feat, the EleFant has garnered 13,000+ registered users and 1000+ fully paid subscribers in less than 10 months since its launch. Apart from being a time, cost & space effective solution, the EleFant is promoting sustainability with its innovative reuse model for toy industry

Elaborating on the investment, Dr Apurva from Venture Catalysts, said, “the EleFant’s innovative approach to toy subscription aligns perfectly with the evolving needs of modern Indian families. By addressing the challenges of toy clutter and constant child engagement, the EleFant is not just creating a business, but promoting a sustainable and educational ecosystem for child development. This investment reflects our confidence in tthe EleFant’s potential to revolutionize the $1.75 billion Indian toy market, which is projected to reach $3.3 billion by 2027. We are particularly impressed by their rapid growth and the social impact they’re creating through their Librarian Model, empowering women entrepreneurs across India.”

the EleFant’s leadership team brings a wealth of experience to the table. Founder and CEO Sourabh Jain, a Chartered Accountant with experience at firms like EY, co-founded consulting firm Protune KS Aiyar over a decade, and headed supply chain as Director for Chai Point, leads the company’s vision and strategy. The team is strengthened by Santhosh Vemisetty as Tech Product Head, bringing experience from Target and Chai Point, and Ruchi Gour as CFO, with a background in finance roles at ITC, Myntra, and Dream 11.

Expressing enthusiasm about the funding and the company’s vision, Sourabh Jain from the EleFant, said, This fundraise is a testament to our vision to change the way India interacts with toys. With the support of our investors, we are poised to revolutionize playtime by making it more sustainable, educational, and accessible for all children, We are projecting significant growth in our subscriber base and revenue over the next 18-24 months. The funds will allow us to optimize our supply chain, reducing delivery times and costs, while also investing in data analytics to better understand and serve our customers.” and further Ruchi Gour Mehta, CFO of the EleFant said “This funding round not only validates our business model but also empowers us to scale our operations and bring the innovative solution of the EleFant to even more families across India. We are excited to have the support of such esteemed investors who share our vision and commitment.”

the EleFant’s unique value proposition extends beyond toy subscription. The platform also empowers home-based women entrepreneurs through its innovative Librarian Model. Currently with 52+ Librarian centers across India, these librarians manage toy inventory and facilitate exchanges within their communities, earning a fixed income while promoting sustainable play and becoming brand ambassadors. This model not only creates entrepreneurial opportunities but also strengthens community bonds and promotes the concept of shared resources.

With this investment, Venture Catalysts & Malpani Ventures fuels a new chapter of growth for the EleFant, which stands poised to not only disrupt the toy industry but also to make a significant impact on early childhood education and sustainable consumption in India.

About The EleFant

the EleFant, founded in 2023 by Sourabh Jain, is a pioneering mobile app-based toy library headquartered in Mumbai, India. Inspired by a father’s desire to nurture his daughter’s curiosity and love for learning, the EleFant offers a unique solution to the ever-evolving toy needs of parents and children.

It’s designed to provide a sustainable and cost-effective way for kids to enjoy a diverse range of toys and books while promoting their development. Think of it as a modern twist on the concept of a library, but instead of books, it offer an extensive collection of toys & books for kids between 0-12 years. Parents can take membership, order toys which gets delivered at home and exchange them with a new toy once their kid is bored or looking for something new


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