New Delhi-based, Smartivity Labs, India’s pioneering STEM (Science, Technology, Engineering, Arts, and Math) toys design startup has announced that it successfully raised two million dollars from Ashish Kacholia, an investor and Director-Research at Mumbai-based Lucky Securities and others.
Smartivity is the fastest growing Edtech toys design startup in the country.
The leading global consumer brand in the toy industry with a strong presence in developed markets of USA, Canada, Europe and Australia, is known for bringing in toys designed to introduce children to STEM fields’ fundamental concepts.
Explaining the rationale behind his decision to invest in Smartivity Labs, Kacholia said, “I got interested in Smartivity because my daughter Anisha loved their STEM toys, and the toys gave me quality bonding time with her every weekend. I can see the improvement in her understanding of scientific concepts and analytical skills; and reduction in screen time. Same will apply to many young parents and their kids, at a value for money price. I believe that Smartivity is going to revolutionise the Indian toy industry and bring up a whole generation of tech-smart kids.”
Tushar A Amin, Co-founder, Smartivity Labs, further hoped that his Edtech startup, having grown over 10X in the past two years, would cross Rs 100 crores in revenue in the next three years.
As parents across the world are increasingly realising the utility of technology in kids’ learning years, STEM has emerged as one of the few categories of the toy industry that has shown consistent growth over the past five years, and the trend is expected to be faster over the coming years. Currently, the global market for STEM educational toys is valued at $29 billion and is expected to grow to $35 billion by 2020. Of this, India accounts for about $235 million and is expected to grow to $500 million by 2020.