Toko Innovations Studios Pvt Ltd, which owns and operates children’s entertainment portal Imaginry, has raised Rs 3 crore ($450,000) in seed funding led by Indian Angel Network (IAN), which invests in early-stage businesses.
Few angels from Rajasthan Angel Investor Network and other independent investors like Suresh Kalpathi, founder of SSI and Kalpathi Investments; Akshay Garg, founder of Komli Media; Srikumar Misra, founder of MilkMantra; and Rohit Krishnan, UK Head of Mckinsey- Scale up; also participated in the round, Aditya Mukherjee, co-founder of Imaginry told DEALSTREETASIA.
Imaginry gives children access to hundreds of animated shows, games and curated learning videos. The startup aims to bring the best of children’s content to their home.
It will utilise the funding for product development, user growth and content partnerships.
“Imaginry is a path breaking technology and a great concept. They have a very capable team,” said Mahavir Pratap Sharma, chairman, Rajasthan Angel network.
The company was launched few months back in beta and has got 1.2 lakh views. “Users are staying on an average of 3x for games and 4.5x for video on the global benchmark on our website,” Mukherjee added.
“However, we are completely revamping our product to be mobile-centric and personalised which will be launched in a few months,” he further said.
Founded in February 2014 by Aditya Mukherjee (CEO), Arnav Mukherjee (content head) and Ajitsen Surendran (CTO) with an idea of making toys & games that are connected to stories, Imaginry is currently targeting the Indian market with an aim to expand across emerging markets globally including a strong focus in Asia.
Before co-founding this venture, Aditya was working with Bain & Company as a senior associate consultant. He has also co-founded Uoolabs Pvt Ltd. Brothers Aditya and Arnav Mukherjee have been deeply involved in stories and games since childhood.
Currently focusing on user growth for the first year, Imaginry aims to break even by end of 2017. It has a team of eight people and is looking to hire more.
2015 was an interesting year for the online gaming industry and attracted investors in the space. One of the biggest funding in 2015 was Moonfrog Labs which received $15 million from Sequoia Capital and Tiger Global.
This year, IAN invested in several others startups also including Hyderabad-based healthcare start-up Transcell Biologics, backpacker hostels chain Roadhouse, Chennai-based startup SP Robotics Works, two-wheeler service and repair platform DrivoJoy, robotics education startup Kidobotikz among others.