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Flipkart founders Sachin Bansal and Binny Bansal have invested about $ 1 Mn i.e. INR 6.2 Cr. in offline games startup MadRat Games. With Sachin and Binny, other investors who participated in the round include the founders of IT outsourcing firm GlobalLogic – Rajul Garg, Sanjay Singh, Manoj Agarwala and Tarun Upadhyay.
MadRat was founded in 2010 by 3 IIT graduates Rajat Dhariwal, Manuj Dhariwal and Madhumita Halder. Since its launch the startup has launched over 70 board games, puzzles and toys.
Its flagship product, Aksharit is the first ever word building game for Hindi. With its educational versions & mobile and computer versions we intend to make it the ‘Game of the Indian masses’ the game is the recipient of numerous awards and accolades.
The startup primarily sells through offline stores, but also has online presence on marketplaces like Flipkart and Amazon, but these portals contribute only about 5% to its sales. The company had turnover of INR 3 Cr. last fiscal.
“Innovation is at the core of MadRat’s approach to disrupt the market and led by a team of very talented individuals they enjoy a strong competitive advantage in the industry,” said Sachin Bansal, chief executive of Flipkart.
The startup plans to use the funds raised for branding, marketing and expansion.
It had previously raised more than $500k from Blume Ventures and First Light Ventures in 2012. However, its previous investors didn’t participate in this round.
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