Technology startup PlayShifu, which makes educational toys for kids, has raised $7 million in a Series A funding round led by Chiratae (formerly IDG Ventures India), Inventus Capital and Bharat Innovation Fund (BIF), it said in a statement.
The round also saw participation from existing investor IDFC-Parampara Fund. With the latest financing, the startup’s total funding now stands at $8.5 million.
Founded in 2016 by Dinesh Advani and Vivek Goyal, PlayShifu creates engaging and immersive AR experiences for children that encourage early STEM skills. Its flagship product, Shifu Orboot, is an AR-based globe that promises an adventure around the world.
“We now have the tools at our disposal to execute against an even more impactful retail strategy and presence, while we continue to strengthen our position as the segment leader and disruptor in the early learning space,” Dinesh Advani, co-founder and COO of PlayShifu, said.
PlayShifu said its primary focus will remain tech innovation, continued research on unique phygital interactions and new product developments. It also plans to update current products and expand retail presence from 15 countries to over 30 by 2020. The startup claims to have a user base of 250,000 kids worldwide.
“Vivek and Dinesh, along with their team, have built a solid product roadmap to capture a significant market share in this segment in the US and European regions,” said Karthik Prabhakar, executive director at Chiratae.