TLDR:
- EleFant, a subscription-based toy library, raised Rs 6 crore in seed funding from Venture Catalysts and Malpani Ventures.
- The platform offers toys and books for children aged 0-12 through a Discover-Play-Return model.
Summary:
EleFant: A subscription-based toy library, founded in 2023 by Sourabh Jain, secured Rs 6 crore in seed funding from Venture Catalysts and Malpani Ventures. The company offers a selection of toys and books from over 70 top brands for children aged 0-12 through its innovative Discover-Play-Return model, which aims to promote sustainability and educational playtime. With a presence in 16 cities, EleFant has quickly gained over 13,000 registered users and 1,000 fully paid subscribers in less than 10 months since its launch.
The funding round saw participation from Sudhakar Pai, Jyothi Pradhan, Agre Global FZE, and other prominent investors. This investment reflects a positive outlook on EleFant’s potential to revolutionize the Indian toy market. The company also empowers women entrepreneurs through its Librarian Model, with 52 Librarian centers managing toy inventory and facilitating exchanges within their communities.
Sourabh Jain, the founder, expressed confidence in the company’s vision to transform how India interacts with toys, making playtime sustainable, educational, and accessible for all children. The funds from the seed funding will be utilized to optimize the supply chain, reduce delivery times and costs, and enhance data analytics to better serve customers.
