EleFant, a pioneering mobile app-based toy library, has successfully raised Rs 6 crore (approximately $750K) in its seed funding round. The round was co-led by Venture Catalysts and Malpani Ventures, with significant participation from a roster of notable investors and family offices.
The impressive lineup of investors includes Sudhakar Pai, Managing Director of Kurlon Industries, Jyothi Pradhan, CEO of Kurlon Family Office, Agre Global FZE, Growth 91/Growth Sense, IVY Growth, and Serious One Capital.
EleFant plans to utilize the funds to optimize its supply chain, aiming to reduce delivery times and costs. Additionally, the company will invest in data analytics to gain deeper insights into customer preferences and improve service offerings, according to a press release from EleFant.
Founded by Sourabh Jain, EleFant provides a diverse selection of toys and books for children aged 0-12 years, featuring over 600 options sourced from more than 70 top brands. Despite being launched less than 10 months ago, EleFant has already attracted over 13,000 registered users and 1,000 fully paid subscribers.
A unique aspect of EleFant’s business model is its Librarian Model, which empowers home-based women entrepreneurs. Currently, there are over 52 Librarian centers across India. These librarians manage toy inventories and facilitate exchanges within their communities, earning a fixed income while promoting sustainable play and serving as brand ambassadors.
With the new funding, EleFant is poised to further its mission of providing accessible and sustainable play options for children while supporting local entrepreneurs.
