Learning aid startup Playshifu on Tuesday said it has raised over Rs 124 crore in a funding round led by Inventus Capital.
Inflexor Ventures joined as a new investor during the Series B funding round while existing investors — Chiratae Ventures and Bharat Innovation Fund also participated in the funding round, the company said in a statement.
Playshifu co-founder and CEO Vivek Goyal said the company will use the funds for research and development as it is planning to launch eight new products in 2021, and also for hiring skilled professionals.
“With screen time for children ages 4 to 9 averaging as high as five hours per day, we have a responsibility to help kids develop their early-learning skills in this digital age.
“Our products offer rich and variable content that engages children ten times better than the top 25 apps worldwide. We plan to expand our product range from 12 to 30 products to cover over 20 early-learning skills by 2022,” Goyal said.
An early stage learning toy firm, which uses Augmented Reality (AR) to provide educational games for kids, claims to have recorded 150 per cent growth in revenue for the third consecutive year and nearly doubled the team members from 60 in 2019 to 115 in 2020.
Playshifu has expanded its footprint from 15 countries in 2019, to 35 at present.
“As we continue to introduce new products to further the development of early-learning skills in Generation Alpha, we’ve partnered with several reputable retailers around the world to diversify our reach,” PlayShifu co-founder Dinesh Advani said. PTI
