EleFant raised $750K Seed funding from Venture Catalysts and Malpani Ventures
With the help of several well-known investors and family offices, EleFant, a mobile app-based toy library, has raised Rs 6 crore (roughly $750K) in its seed round, which was co-led by Venture Catalysts and Malpani Ventures.
Investors from a list of companies participated in the funding round: Jyothi Pradhan, CEO of Kurlon Industries; Agre Global FZE; Growth 91/Growth Sense; IVY Growth; and Serious One Capital.
In addition to investing in data analytics to better understand and serve its customers, EleFant stated in a press release that the proceeds will be utilized to optimize its supply chain, cutting costs and delivery times.
EleFant was founded by Sourabh Jain and provides a wide range of books and toys for kids ages 0 to 12 from more than 70 renowned brands, offering more than 600 options. It is impressive that in less than ten months since its launch, the EleFant has amassed over 13,000 registered users and 1000 fully paid subscribers.
Through its creative Librarian Model, the platform also empowers women who work from home as entrepreneurs. At present, there are more than fifty-two librarian centres in India. The librarians oversee the inventory of toys and arrange for local exchanges. They receive a fixed salary, encourage sustainable play, and serve as brand representatives.
