Summary: EleFant, a mobile app-based toy library, has secured Rs 6 crore ($750K) in seed funding co-led by Malpani Ventures and Venture Catalysts. Founded in 2023 by Sourabh Jain, EleFant aims to provide a sustainable, cost-effective solution to the toy needs of Indian families. The company’s Discover-Play-Return model offers a diverse range of toys and books for children aged 0-12 years, promoting sustainability and educational development. The funding will help EleFant optimize its supply chain, expand its footprint, and invest in data analytics. Additionally, EleFant’s Librarian Model empowers home-based women entrepreneurs, strengthening community bonds and promoting shared resources.
Mumbai, India – EleFant, an innovative mobile app-based toy library, has successfully raised Rs 6 crore (approximately $750K) in its seed funding round. This round was co-led by Malpani Ventures and Venture Catalysts, with participation from various notable investors and family offices. Founded in 2023 by Sourabh Jain, EleFant aims to transform the way Indian families interact with toys, focusing on sustainability and education.
The funding round saw contributions from investors such as Sudhakar Pai and 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 including Jignesh Mehta, Senior Director of Internal Controls for Asia Pacific, Middle East & Africa at Mondelez International.
Addressing Market Needs
India’s toy market is on an upward trajectory, buoyed by increasing disposable incomes and the 2020 National Education Policy which emphasizes play-based learning. The market, currently valued at $1.75 billion, is projected to grow at an 8% CAGR, reaching $3.3 billion by 2027. EleFant, fully operational in over 16 cities across India, is strategically positioned to tap into this growth, offering a unique Discover-Play-Return model that disrupts the conventional Buy-Play-Clutter approach.
EleFant’s Model and Impact
EleFant offers a diverse selection of toys and books for children aged 0-12 years, sourced from over 70 top brands with more than 600 options. Since its launch, the platform has attracted over 13,000 registered users and 1,000 fully paid subscribers in less than 10 months. The model not only saves time, cost, and space for parents but also promotes sustainability through the reuse of toys.
Investor Confidence
Dr. Apurva from Venture Catalysts remarked, “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, 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.”
Leadership and Vision
Sourabh Jain, Founder and CEO of EleFant, brings a wealth of experience as a Chartered Accountant and former roles at EY, Protune KS Aiyar, and Chai Point. Santhosh Vemisetty, Tech Product Head, and Ruchi Gour, CFO, both contribute substantial expertise from their backgrounds in prominent firms like Target, ITC, Myntra, and Dream 11.
Expressing enthusiasm about the funding, Sourabh Jain 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.” 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.”
Empowering Women Entrepreneurs
EleFant’s Librarian Model empowers home-based women entrepreneurs by managing toy inventory and facilitating exchanges within their communities. With over 52 Librarian centers across India, these women earn a fixed income while promoting sustainable play and acting as brand ambassadors. This model not only creates entrepreneurial opportunities but also strengthens community bonds and promotes the concept of shared resources.
Future Prospects
With the fresh infusion of capital, EleFant is set to expand its footprint across India and explore potential international markets. The company is poised to make a significant impact on early childhood education and sustainable consumption in India.
About EleFant
Founded in 2023 by Sourabh Jain, EleFant 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, EleFant offers a sustainable and cost-effective way for children to enjoy a diverse range of toys and books while promoting their development.
Parents can take membership, order toys which are delivered to their home, and exchange them for new ones once their child is ready for something different. EleFant’s innovative model is a modern twist on the traditional library concept, tailored to meet the ever-evolving needs of children and parents alike.
