Venture Catalysts, an integrated incubator and accelerator platform, today announced its participation as a co-lead investor in a Rs 6 crore seed funding round for the EleFant – a mobile app-based Toy Library.
The round was co-led by Aniruddha Malpani’s Malpani Ventures with participation from several notable investors and family offices.
The funding round saw participation from an impressive roster of investors, including Sudhakar Pai, (MD, Kurlon Industries), Jyothi Pradhan (CEO – Kurlon) Family Office, Agre Global FZE, Growth 91/Growth Sense, IVY Growth, Serious One Capital, and several angel investors. Notable among these are Jignesh Mehta, Senior Director of Internal Controls for Asia Pacific, Middle East and Africa at Mondelez International.
The EleFant, fully operational in more than 16 cities across India, is disrupting the traditional toy model for parents with its Discover-Play-Return model.
Elaborating on the investment, Apoorva Ranjan Sharma, Co-founder, and Managing Director of 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 USD 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.”
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 Mehta 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 optimise 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.”
