Indore-based Candytoy Corporate Pvt. Ltd has secured Rs 110 crore (about $13 million) in a Series A round that saw participation by a consortium of investors led by Abakkus Asset Managers.
With the latest funding, the promotional toymaker is now worth Rs 850 crore in post-money valuation.
The company, which manufactures plastic promotional toys and confectionery, said a group of 26 investors - domestic investors, high-net-worth individuals (HNIs), angel investors, and institutional investors - took part in the round, with asset manager Abakkus leading the investment through its maiden private equity fund raised this month.
Candytoy did not reveal the amount raised from Abakkus.
Besides Abakkus, the group of investors include consumer-sector oriented Sixth Sense Ventures, Girik Capital, Param Capital Research, and Viney Equity Market. Meanwhile, the company consulted JNR Corporate Advisors on the deal.
Candytoy said the capital raised will be deployed to expand its manufacturing capabilities within Indore and across India. It will also invest in building a strong workforce to support growth.
"This Series A deal of Rs 110.5 crore with 13% liquidation will not only help propel our growth but also enable us to invest in the incredible talent that drives our success as we take on the new business orders received from across the globe,” said Gaurav Mirchandani, director at Candytoy.
The company was founded in 2019 and is headquartered in Indore. It exports to regions including Europe, the United States, Africa, Turkey, Japan and West Asia.
