- The startup has raised fresh funding of $17 million in Series B funding round led by Capital India with Inﬂexor Ventures joining as a new investor.
- The company could get established after getting a good response from the target audience for its products.
- The funding will be utilized for the development of new products to grip market share over the targeted audience and territory.
Augmented Reality startup Playshifu on Tuesday announced that it has raised funding of $17 million in a Series B funding round led by Capital India with Inﬂexor Ventures joining as a new investor. Existing investors Chiratae Ventures and Bharat Innovation Fund also participated in this round.
The company also announces about upcoming Eight products which will be launched in 2021, the official of the company stated.
Founded in 2016 by Dinesh Advani and Vivek Goyal, Playshifu creates AR experiences as educational toys. The company’s flagship product Shifu Orboot is an AR-based globe that promises an adventure around the world. The company claims that it is used by over 500K kids across the world.
As of now, the startup has raised a total funding of $28.4 million dollars from Chiratae Ventures, Bharat Innovation Fund, Inflexor Ventures, Inventus Capital, Survam Partners, Bharat Innovation Fund, Abhinav Daga, Vistra ITCL, and Trifecta Capital Advisors.
According to the startup,” The first three series products – Orboot, Plugo, and Tacto with the startup to emerge as a top-recommended brand by parents, as justiﬁed by a repeat purchase rate of more than 43 percent.”
Speaking about the new development, Vivek Goyal, CEO, and Co-founder, PlayShifu stated, “We are proud of our team for their incredible achievements during the pandemic while working remotely for an entire year. The effort translated into a successful Series B to help take the brand to new heights in 2021 and beyond.”
Further adding, Dinesh Advani, Co-founder, and COO, PlayShifu, said, “As we continue to introduce new products to further the development of early-learning skills in Generation Alpha, we’ve partnered with several reputable retailers around the world to diversify our reach.”