EleFant, a mobile app-based toy library, has raised Rs 6 crore (around $750,000) in its seed round co-led by Malpani Ventures, Venture Catalysts with participation from several notable investors and family offices. EleFant was founded in 2023 by Sourabh Jain, a devoted father inspired by his daughter's curiosity and love of 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 list of investors including Sudhakar Pai and Jyothi Pradhan of Kanara Consumer Products Limited, part of Manipal Group, Agre Global FZE, Growth 91/Growth Sense, IVY Growth, SiriusOne Capital and several angel investors . Prominent among them is Jignesh Mehta, senior director of internal controls for Asia Pacific, Middle East and Africa at Mondelez International.
The Indian toy market, driven by rising disposable incomes and the National Education Policy 2020 promoting play-based learning, presents a significant opportunity for EleFant. The market is projected to grow at a CAGR of 8%, reaching $3.3 billion by 2027. With this finding, EleFant is well positioned to capitalize on this growing market, expand its presence across India and potentially explore new markets. internationally in the future.EleFant, fully operational in over 16 cities in India, is revolutionizing the traditional parenting toy model with its unique Discover-Play-Return model. Starting from the conventional Buy-Play-Clutter approach, the platform offers a wide selection of toys and books for children from 0 to 12 years old, from more than 70 major brands with more than 600 options. In an impressive feat, EleFant has gained over 13,000 registered users and over 1,000 fully paid subscribers in less than 10 months since its launch. In addition to being an effective solution in time, cost and space, EleFant promotes sustainability with its innovative reuse model for the toy industry.
Elaborating on the investment, Dr. Apurva of Venture Catalysts said, “EleFant’s innovative approach to toy subscription perfectly aligns with the evolving needs of modern Indian families. By addressing the challenges of toy clutter and ongoing child engagement, EleFant is not only building a business but also promoting an educational and sustainable ecosystem for child development. This investment reflects our confidence in EleFant's potential to revolutionize the $1.75 billion Indian toy market, which is projected to reach $3.3 billion by 2027. We are especially impressed by their rapid growth and the social impact they are creating through its library model, empowering women entrepreneurs across India.”
EleFant's leadership team brings a wealth of experience. Founder and CEO Sourabh Jain, a chartered accountant with experience at firms such as EY, co-founded consulting firm Protune KS Aiyar for a decade and led supply chain as a director at Chai Point, leads the company's vision and strategy . The team is bolstered by Santhosh Vemisetty as Head of Technology Products, bringing experience from Target and Chai Point, and Ruchi Gour as CFO, with experience in finance roles at ITC, Myntra and Dream 11. Sourabh Jain of EleFant, expressed excitement over the funding and vision of the company and said: This fundraising is a testament to our vision of changing the way India interacts with toys. With the support of our investors, we are ready to revolutionize playtime by making it more sustainable, educational and accessible for all children. We project significant growth in our subscriber base and revenue over the next 18 to 24 months. The funds will allow us to optimize our supply chain, reducing delivery times and costs, while investing in data analytics to better understand and serve our customers." Additionally, Ruchi Gour Mehta, CFO of EleFant, said: "This funding round not only validates our business model, but also allows us to scale our operations and bring EleFant's innovative solution to even more families across India. “We are excited to have the support of such esteemed investors who share our vision and commitment.”
EleFant's unique value proposition extends beyond toy subscription. The platform also empowers women entrepreneurs who work from home through its innovative Library Model. Currently, with over 52 library centers across India, these librarians manage toy inventory and facilitate exchanges within their communities, earning a steady income while promoting sustainable play and becoming brand ambassadors. This model not only creates business opportunities but also strengthens community ties and promotes the concept of shared resources.
With this investment, Venture Catalysts & Malpani Ventures drives a new chapter of growth for EleFant, which is set to not only revolutionize the toy industry but also make a significant impact on children's education and sustainable consumption in India.About EleFant
EleFant, founded in 2023 by Sourabh Jain, is a pioneering mobile app-based toy library based in Mumbai, India. Inspired by a father's desire to fuel his daughter's curiosity and love of learning, EleFant offers a unique solution to the ever-evolving toy needs of parents and children.
It is designed to provide a sustainable and cost-effective way for children to enjoy a wide range of toys and books while promoting their development. Think of it as a modern take on the library concept, but instead of books, it offers an extensive collection of toys and books for children ages 0-12. Parents can become members, order toys delivered to their home, and exchange them for a new toy when their child gets bored or looking for something new.(Disclaimer: The above press release is provided by HT Syndication and will not take any editorial responsibility of this content).
The funding round saw participation from a list of investors including Sudhakar Pai and Jyothi Pradhan of Kanara Consumer Products Limited, part of Manipal Group, Agre Global FZE, Growth 91/Growth Sense, IVY Growth, SiriusOne Capital and several angel investors . Prominent among them is Jignesh Mehta, senior director of internal controls for Asia Pacific, Middle East and Africa at Mondelez International.
The Indian toy market, driven by rising disposable incomes and the National Education Policy 2020 promoting play-based learning, presents a significant opportunity for EleFant. The market is projected to grow at a CAGR of 8%, reaching $3.3 billion by 2027. With this finding, EleFant is well positioned to capitalize on this growing market, expand its presence across India and potentially explore new markets. internationally in the future.EleFant, fully operational in over 16 cities in India, is revolutionizing the traditional parenting toy model with its unique Discover-Play-Return model. Starting from the conventional Buy-Play-Clutter approach, the platform offers a wide selection of toys and books for children from 0 to 12 years old, from more than 70 major brands with more than 600 options. In an impressive feat, EleFant has gained over 13,000 registered users and over 1,000 fully paid subscribers in less than 10 months since its launch. In addition to being an effective solution in time, cost and space, EleFant promotes sustainability with its innovative reuse model for the toy industry.
Elaborating on the investment, Dr. Apurva of Venture Catalysts said, “EleFant’s innovative approach to toy subscription perfectly aligns with the evolving needs of modern Indian families. By addressing the challenges of toy clutter and ongoing child engagement, EleFant is not only building a business but also promoting an educational and sustainable ecosystem for child development. This investment reflects our confidence in EleFant's potential to revolutionize the $1.75 billion Indian toy market, which is projected to reach $3.3 billion by 2027. We are especially impressed by their rapid growth and the social impact they are creating through its library model, empowering women entrepreneurs across India.”
EleFant's leadership team brings a wealth of experience. Founder and CEO Sourabh Jain, a chartered accountant with experience at firms such as EY, co-founded consulting firm Protune KS Aiyar for a decade and led supply chain as a director at Chai Point, leads the company's vision and strategy . The team is bolstered by Santhosh Vemisetty as Head of Technology Products, bringing experience from Target and Chai Point, and Ruchi Gour as CFO, with experience in finance roles at ITC, Myntra and Dream 11. Sourabh Jain of EleFant, expressed excitement over the funding and vision of the company and said: This fundraising is a testament to our vision of changing the way India interacts with toys. With the support of our investors, we are ready to revolutionize playtime by making it more sustainable, educational and accessible for all children. We project significant growth in our subscriber base and revenue over the next 18 to 24 months. The funds will allow us to optimize our supply chain, reducing delivery times and costs, while investing in data analytics to better understand and serve our customers." Additionally, Ruchi Gour Mehta, CFO of EleFant, said: "This funding round not only validates our business model, but also allows us to scale our operations and bring EleFant's innovative solution to even more families across India. “We are excited to have the support of such esteemed investors who share our vision and commitment.”
EleFant's unique value proposition extends beyond toy subscription. The platform also empowers women entrepreneurs who work from home through its innovative Library Model. Currently, with over 52 library centers across India, these librarians manage toy inventory and facilitate exchanges within their communities, earning a steady income while promoting sustainable play and becoming brand ambassadors. This model not only creates business opportunities but also strengthens community ties and promotes the concept of shared resources.
With this investment, Venture Catalysts & Malpani Ventures drives a new chapter of growth for EleFant, which is set to not only revolutionize the toy industry but also make a significant impact on children's education and sustainable consumption in India.About EleFant
EleFant, founded in 2023 by Sourabh Jain, is a pioneering mobile app-based toy library based in Mumbai, India. Inspired by a father's desire to fuel his daughter's curiosity and love of learning, EleFant offers a unique solution to the ever-evolving toy needs of parents and children.
It is designed to provide a sustainable and cost-effective way for children to enjoy a wide range of toys and books while promoting their development. Think of it as a modern take on the library concept, but instead of books, it offers an extensive collection of toys and books for children ages 0-12. Parents can become members, order toys delivered to their home, and exchange them for a new toy when their child gets bored or looking for something new.(Disclaimer: The above press release is provided by HT Syndication and will not take any editorial responsibility of this content).
