Candytoy Corporate Secures ₹110 Crore in Series A Funding
- ByStartupStory | November 26, 2024
Indore-based Candytoy Corporate Pvt Ltd, a global supplier of candy toys and promotional toys, has successfully raised ₹110 crore in its Series A funding round. The investment came from a diverse group of domestic investors, high-net-worth individuals (HNIs), angel investors, and institutional investors.
The company plans to use the funds to bolster its manufacturing capabilities and invest in its workforce to support rapid growth. Sharing his thoughts on the funding, Gaurav Mirchandani, Director, Candytoy Corporate Pvt Ltd, said, “This series A deal of ₹110.5 crores with 13% liquidation will not only help propel our growth but also invest in the incredible talent that drives our success to take on the new business orders received from across the globe.”
JNR Corporate Advisors, led by CA Jayesh Pahuja, served as the advisor for the deal. The fundraising round saw participation from leading investment partners, including Abakkus Asset Managers, Girik Capital, Param Capital Research, Sixth Sense Ventures, and Viney Equity Market.
Expanding on the company’s plans, Mirchandani added, “We plan to open more manufacturing units within Indore and India keeping in line with our Government’s Make in India initiative.”
Founded in 2019, Candytoy Corporate operates six manufacturing units across Indore, Delhi, and Hyderabad in India and Jebel Ali in Dubai, with an additional network of 11 contractual manufacturers. The company’s state-of-the-art facilities boast a daily production capacity of 10.5 million candy toys.
Currently, Candytoy Corporate exports its products to over 40 countries, including Europe, the United States, Turkey, South Africa, Japan, Saudi Arabia, Oman, Kuwait, and the UAE. The company’s significant investment in infrastructure aligns with its mission to meet the growing global demand for its products while contributing to the ‘Make in India’ initiative.
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