EleFant, the innovative mobile app-based toy library, has successfully raised Rs 6 crore (approximately $750K) in its seed funding round. The investment was co-led by Venture Catalysts and Malpani Ventures, with participation from several prominent investors and family offices.
Founded by Sourabh Jain, EleFant offers a wide array of toys and books catering to children aged 0-12 years, sourced from more than 70 leading brands, offering over 600 options. Within a remarkably short span of less than 10 months since its inception, EleFant has amassed a substantial user base with over 13,000 registered users and 1,000 fully paid subscribers.
Among the investors are Sudhakar Pai, Managing Director of Kurlon Industries, Jyothi Pradhan from the CEO’s Family Office at Kurlon, Agre Global FZE, Growth 91/Growth Sense, IVY Growth, and Serious One Capital.
The funds raised will be utilized to enhance EleFant’s supply chain efficiency, aiming to reduce delivery times and costs. Additionally, investments in data analytics are planned to better understand customer preferences and improve service offerings, as stated in a recent press release by EleFant.
One of EleFant’s distinctive features is its Librarian Model, empowering home-based women entrepreneurs across India. Presently, the platform operates through 52 Librarian centers nationwide, where these entrepreneurs manage toy inventories and facilitate exchanges within their communities. This model not only promotes sustainable play but also provides a stable income source for the librarians while fostering brand advocacy.
The successful seed funding round positions EleFant strongly for expansion and further innovation in the growing market of mobile app-based toy libraries.