The educational and interactive learning platform has raised USD 7 million (i.e. around INR 49 crores) in the latest round of funding led by Chirate
July 25, 2019
Technology startup PlayShifu has acquired USD 7 million in the Series A round of funding led by Chiratae Ventures (formerly known as IDG ventures), Inventus Capital, and Bharat Innovation Fund (BIF), with alongside participation of the existing investor IDFC-Parampara Fund. PlayShifu which makes interactive educational toys and learning toys for kids based on the concept of AR (Augmented Reality). The startup has a user community base of about 250K kids worldwide.
The company is actively looking forward to expand the product range, and to reach double of its current market presence from 15 to 30 countries, PlayShifu said in an official statement. With the recent funding round, the company has raised about USD 8.5 million as of yet. The company’s chief area of focus will be around tech innovation and the updating of its product range.
According to a joint research report by KPMG and Google, the Indian edu tech market is expected to reach USD 1.96 billion by the year 2021. The education-based toys that are interactive and has AR algorithm are highly trending now and thus, there has been a notable rise in the industry with a host of edu tech startups emerging. As a matter of fact, India holds the second position in the largest markets for e-learning after US.
Started by Vivek Goyal and Dinesh Advani, the company has its office in Bengaluru and Bay Area(San Francisco). PlayShifu had started its business journey with the launch of Shifu Safari in the year 2016, i.e. range of educational toys meant for the age 2-6 years. It now has products under four distinct categories, Shifu Cards, Shifu Minglings, Shifu Orboot, and Shifu Plugo.