Legend of Toys, an Indian toy model targeted on remote-controlled automobiles, has raised Rs 21 crore in a pre-Collection A funding spherical from Singularity Early Alternatives Fund, Veltis Capital, Enzia Ventures, DeVC, Atrium Angels, and Stride.

The startup will use the raised capital in the direction of getting into new play classes, client advertising, digital growth, manufacturing enhancements, and worldwide market entry.

Legend of Toys was based by Afshaan Siddiqui and Vinay Jaisingh, each ISB Class of 2017 alumni with prior operator expertise at firms together with Livspace, Supertails, and Unacademy.

It presently gives a variety of remote-controlled automobiles together with RC Drift Vehicles, Off-Street RC Vans, 1:64 tabletop RC Drift Vehicles, and Excessive-Velocity RC Vehicles.

The startup stated that every of its merchandise is a component of a bigger character-driven universe the place each toy has a backstory and a task inside a broader narrative. The thought is to offer youngsters, lovers, and collectors a motive to interact with the model past a single buy, constructing what the corporate describes as a neighborhood fairly than only a buyer base.

It additionally gives a free Lifetime Service programme, which implies clients can get their merchandise repaired fairly than having to switch them.

Legend of Toys claims to have reached an annualised income run-rate (ARR) of Rs 30 crore and is presently rising at 20% month on month.

“We began Legend of Toys with a easy however cussed perception that India can construct a toy model the world really desires to play with. The early response from customers has been genuinely encouraging, and it tells us the class was prepared for one thing new. Now we get to do the enjoyable half: increase into new classes, strengthen manufacturing, and construct the form of firm that may go the space,” stated Vinay Jaisingh.

“For us, a toy isn’t only a product. It’s a character, a narrative and an expertise. We’re constructing Legend of Toys as a world constructed on journey, thrill and pleasure, one that youngsters, lovers and collectors maintain coming again to. Our focus stays on nice merchandise, actual storytelling, robust neighborhood and long-term belief as we increase the model in India and past,” stated Afshaan Siddiqui.

Authorities information reveals that toy imports declined by 52% while toy exports rose by 239% between FY14-15 and FY22-23. Tighter high quality requirements underneath the Toys High quality Management Order, which introduced toys under compulsory BIS certification from January 2021, together with greater import duties, have collectively created extra room for home manufacturers that meet high quality necessities.

“Afshaan and Vinay embody true founder-market match, deeply obsessed with toys and automobiles, obsessive about high quality and constructing with actual depth throughout product, manufacturing and model. We’re extremely enthusiastic about what lies forward and consider Legend of Toys has the potential to change into a big international toy model constructed from India, creating world-class merchandise for youngsters and collectors,” stated Gokul Gopal, Managing Associate at Veltis Capital.

“India is on the cusp of turning into a world manufacturing powerhouse, and Legend of Toys goes after certainly one of its most ignored alternatives: constructing a homegrown toy model for the Indian kidult. Vinay and Afshaan aren’t simply making toys; they’re constructing belief by means of a repair-not-replace mannequin that’s nearly extraordinary on this class. That form of conviction, paired with actual working chops, is uncommon. We backed them as a result of we consider that is how a category-defining, globally related model will get constructed out of India,” stated Karuna Jain, Managing Associate and Founding father of Enzia Ventures.