Noida-based toy retailer, Snooplay, secures Rs 8 crore in funding, with Pravek Family Office taking the lead.
In a significant development for the toy industry in India, Snooplay, a leading toy-tech startup, has announced that it has raised Rs 8 crore in a pre-Series A1 funding round. This round was led by Pravek Family Office, with participation from strategic angel investors.
Founded in 2019 by Aanchal Mahajan and Brij Raj Singh, Snooplay is redefining play in India through its AI-powered platform. The startup aims to build a full-stack, AI-powered toy platform, focusing on developmental value, sustainable choices, and conscious buying.
The funds raised will be utilized for multiple purposes. A substantial portion will be allocated towards building India's most comprehensive Toy Intelligence Database. Snooplay also plans to use the funds to launch two proprietary innovative tech products and strengthen its private label offerings across various platforms.
Snooplay's co-founder, Aanchal Mahajan, stated that they are building an app that helps discover and buy the right toy. This app also allows trading in the toy for store credits once outgrown, providing a sustainable solution for toy ownership.
Currently, Snooplay boasts over 35,000 toys from 600+ brands, catering to a growing community of Indian parents, collectors, and gift-givers. The startup collaborates with strategic partners like IKEA and NGOs such as Plan International to expand its buyback programs, promote sustainable toy donations, and encourage responsible consumption.
Snooplay's co-founder, Brij Raj Singh, emphasizes the importance of toys as tools for shaping imagination, skills, and emotions. He expressed his excitement about the future, stating that the funds will enable them to roll out new tech-products nationwide and enhance their technology, logistics, and operational backbone.
With this funding, Snooplay is poised to shape the future of play in India, focusing on developmental value, sustainable choices, and conscious buying. The startup's mission is to make toy shopping an enjoyable, informative, and sustainable experience for everyone.
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