Skillmatics, a Mumbai-headquartered full-stack direct-to-consumer brand for educational products and games for children, has raised $6 million in Series A funding led by Sequoia Capital India.
The round also includes participation from Jalaj Dani Family Office and existing angel investors.
In a statement, the startup said the funds raised will be used to strengthen its presence in the US across online and offline retail, hire across product design, data analytics, technology, and marketing roles, as well as expand product offerings to target newer age groups and enter new product categories.
“We have adopted a software-like approach to traditional product development and to build a suite of proprietary analytical tools that allows us to better understand evolving consumer preferences. This approach has enabled us to create innovative IP-led products that have rapidly gained traction and earned customer love in large markets like the USA, enabling us to build a global brand from India,” said Dhvanil Sheth, Founder and CEO at Skillmatics.
Founder and CEO Dhvanil Sheth
Operating in a $100 billion global toy and game market, Skillmatics said it caters to new-age parents who want to provide their children meaningful play experiences that build formative skills. The company’s differentiated products are made using sustainable materials, are designed to build core skills, and reinforce key learning outcomes through systematic play. Skillmatics currently offers products in three key categories - learning resources, educational games, and STEM toys.
Launched in 2017, Skillmatics claims to be the first Indian-origin brand to sell globally across a number of large offline retailers including Walmart and Target. Today, Skillmatics is present across 15 countries with a primary focus on North America and India. Products are retailed via its own website, online marketplaces, and across 15,000 offline stores worldwide.
Skillmatics, since the pandemic, claims to have grown 5X year-on-year owing to the dramatically accelerated consumer shift to online retail globally. To date, it has sold over 3,000,000 products globally.
“Our vertically integrated supply chain enables us to rapidly iterate, launch, and scale new products 5X faster than traditional incumbent brands. The fundraise gives us the fuel to build new capabilities, expand our reach, and take us one step closer to building an iconic brand that is loved by families around the world,” added Devanshi Kejriwal, Co-founder and Creative Director, Skillmatics.
Part of Surge’s (a rapid scale-up program for startups in India and Southeast Asia) first cohort in 2019, Skillmatics has raised a total of $8 million to date.
“Sequoia Capital India’s Surge first partnered with Skillmatics in early 2019 and it's been exciting to see the company's progress over the last two years. Skillmatics is leading a new wave of Indian consumer companies, which are building for the world from India - a trend we believe will only accelerate over the next few years,” said Harshjit Sethi, Principal, Sequoia India.
Edited by Megha Reddy
Link : https://yourstory.com/2021/06/funding-skillmatics-series-a-sequoia-capital-india
Author :- Sujata Sangwan ( )
June 22, 2021 at 06:00AM
YourStory