Skillmatics expects to double topline to Rs 400 crore this fiscal

Sequoia and Sofina-backed Skillmatics is expecting to more than double its topline to Rs 400 crore this fiscal.

Skillmatics is into toy games which offer learning and play experiences to children of all ages and their families.

Set up in 2017, the city-based company was cofounded by ex-BCG consultant Dhvanil Sheth, who is also the chief executive, and Devanshi Kejriwal, who is the creative director.

''We closed FY23 with Rs 188 crore revenue and has been cash positive. We continue to remain cash positive and are on course to close the current fiscal with at least Rs 400 crore of revenue.

''Already, we grew over 100 per cent in the first half which is the dullest season for our sector,'' Sheth told PTI in an interaction.

His optimism about rapid growth comes from the fast growing domestic demand which got a massive fillip after the government recently made BIS certification mandatory for toys, a move that led to a massive fall in imports from China.

Also, Sheth said the company will soon be entering Canada, Australia, and the Middle East along with Germany, France and Spain where it will be offering its products in the local languages.

So far, the company has raised Rs 200 crore in funding from external investors, including the VC major Sequoia Capital India and the PE fund Sonfina along with the Jalaj Dani (of Asian Paints fame) family office.

Sequoia owns 20 per cent stake in the company, Sofina holds 10 per cent equity, and the Jalaj Dani family office has a 5 per cent shareholding. The founders have a 60 per cent stake while the remaining 5 per cent is with staff through an ESOP (Employee Stock Option Plan).

Currently, Sheth said as much as 70 per cent of the sales come from the US which is the world's largest toy market and 15 per cent each from England and India.

The company, which has two offices in the US in Texas and California, is also planning to have an own manufacturing facility and is planning a Rs 15 crore-unit in Daman, which should begin operation next fiscal.

Currently it is doing contract manufacturing with some firms in the South, Maharashtra and Gujarat.

Skillmatics' 200-strong people design content-led games and play-centric learning resources and its products focus on building core skills such as reading and logical reasoning in children.

It sells globally via online marketplaces, on its own website and offline retailers like Walmart, Target and Hamleys. The company is currently present across 15 countries.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)