The other investors who participated in this round include Narayanan Ramaswamy, head of education practice at a leading consulting firm and Sethuraman, finance expert and practising chartered accountant.
The startup will use the raised funds towards expanding its product portfolio, growing the team and scaling up manufacturing.
The startup was started in 2015 by IIT-IIM alumnus Viswanathan Ramakrishnan along with his friend and ex-McKinsey consultant Karthik Lakshman. It offers an inquiry and play-based programme for the children between the age of 4 to 8 years. It is a subscription-based service that produces and delivers hands-on activities for children. The activities are designed by a team of early childhood experts and product designers to promote 12 essential skills in children, including creativity, problem solving, vocabulary building, and self-expression. For each age group, the company offers 3, 6 and 12-month plans starting from INR 549 per month.
Viswanathan Ramakrishnan, co-founder and CEO of Magic Crate said, “Research shows that about 80 percent of critical brain development happens before the child turns eight. This has a direct correlation with what they are exposed to, during those years. Also, in this age group, they have a phenomenal amount of free time and it becomes a big challenge to engage them at home. Magic Crate is solving this pain point for millions of busy, but well-intentioned parents.”
The startup is expecting the adoption of the concept to increase more with the launch of its digital platform, which is in due in coming days.