Skillmatics, a Mumbai-based full-stack D2C startup for educational items and games for kids, has reportedly secured USD 6 million in a Series A funding round which was led by Sequoia Capital India. This round also witnessed input from Jalaj Dani Family Office and other current investors.
For the unversed, Skillmatics specializes in offering learning resources, education games, as well as STEM toys. The startup claims to be the first Indian brand for selling such services worldwide via its website, and through over 15,000 offline stores as well as various retailers like Target and Walmart.
Skillmatics’ products are made from sustainable materials and are designed to improve key learning outcomes through systematic play.
According to the company, the raised funds will strengthen its reach in the United States across offline and online retail stores. Skillmatics will also use the investments to hire fresh employees in data analytics, product design, marketing roles, technology and expand its product offerings to other age groups.
Since the COVID-19 outbreak, Skillmatics claims to have grown 5 times year on year primarily due to the accelerated shift towards online retail. As per the records, The Mumbai-based startup has sold over 3,000,000 products across the globe.
Dhvanil Sheth, the founder, and CEO of Skillmatics mentioned that the brand has a software-like approach that has aided them to make IP-led products which notably has been receiving significant recognition in large markets like the U.S.
Meanwhile, Devanshi Kejriwal, the co-founder and Creative Director at Skillmatics, is of the opinion that the vertically integrated supply chain has helped the startup to launch new products 5 times faster than traditional brands.
Skillmatics was founded in 2017 and is currently operating in 15 countries, with a major focus on India and North America. The startup, which is also a part of Surge’s first cohort in 2019, has managed to raise a total sum of USD 8 million since its inception.
Source Credits –
https://yourstory.com/2021/06/funding-skillmatics-series-a-sequoia-capital-india/amp