Mumbai-based D2C brand Skillmatics raises $16 million in funding led by Sofia Ventures
- ByStartupStory | May 10, 2022
Skillmatics is a Mumbai-based direct-to-consumer brand which has raised $16 million in its recent funding round led by Sofina Ventures. Sequoia Capital India and Jalaj Dani Family Office, the existing investors also participated in the funding round. The company is planning to use the funds for strengthening its presence in the US market and also towards expanding the company’s product offerings to new-age groups. The firm also aims to scale up its presence in international markets like Japan and Australia.
Skillmatics was founded in 2017 by Dhvanil Sheth and Devansh Kejriwal. The company functions in the $100 billion global toys and games market. It has products that emphasise reading, logical reasoning, STEM as well as socio-emotional skills in children. The startup has launched its new products including Guess in 10, Write & Wipe Activity Mats and Found It this year. The company sells its products globally through online marketplaces, its website and offline retailers including Walmart, Hamleys and Target.
Dhvanil Sheth said in an interaction that they are extending its reach to the US market as well. He also said that they are looking forward to hiring new talents for the marketing team and also a sales head for its US operations. The firm is aiming to acquire US-based companies that already have footprint and offerings in America, he further added. The company’s major focus in the US will be the offline function in the market.
At present, the company is serving 15 countries and has sold more than 5 million products since its launch. Approximately, 75% of the company’s total sales come from the US markets, around 15% from Indian markets and the remaining from countries like Japan, France, Australia and Europe. Skillmatics has raised around $24 million in the latest Series B round including $6 million from the Series A round led by Sequoia Capital India in 2021 and a $1.8 million seed round in 2019 led by the Surge program of Sequoia India. Thus, the company is presently at a $20 million annualised revenue run rate.
Tanya Sen, the Principal at Sofina Ventures said that Skillmatics’ mission is aligned with various Sofina’s investment priorities and they are looking forward to the partnership as the company operates at the intersection of consumer brand building education and sustainability.
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