EleFant, a mobile app-based toy library, has successfully raised Rs 6 crore in a seed funding round co-led by Venture Catalysts and Malpani Ventures. The funding round witnessed participation from a diverse group of notable investors and family offices.
Prominent investors in this round include Sudhakar Pai, Managing Director of Kurlon Industries, Jyothi Pradhan, CEO of Kurlon, Family Office, Agre Global FZE, Growth 91/Growth Sense, IVY Growth, Serious One Capital, and several angel investors, including Jignesh Mehta, Senior Director of Internal Controls for Asia Pacific, Middle East, and Africa at Mondelez International.
EleFant, operational in over 16 cities across India, is revolutionizing the traditional toy model for parents with its Discover-Play-Return model. The innovative approach not only addresses toy clutter but also promotes sustainable and educational child development.
Apoorva Ranjan Sharma, Co-founder, and Managing Director of Venture Catalysts++, expressed confidence in EleFant’s potential, saying, “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 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.”
Sourabh Jain, Founder and CEO of EleFant, highlighted the company’s vision and the impact of the funding, stating, “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.”
Ruchi Gour Mehta, CFO of EleFant, added, “This funding round not only validates our business model but also empowers us to scale our operations and bring the innovative solution of EleFant 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 leadership team, with extensive experience in finance, technology, and supply chain management, includes Sourabh Jain, a Chartered Accountant and former Director of Supply Chain at Chai Point, Santhosh Vemisetty as Tech Product Head with experience at Target and Chai Point, and Ruchi Gour Mehta as CFO with a background at ITC, Myntra, and Dream 11.
