Indore-based Candytoy Corporate (CTC), a leading manufacturer of plastic promotional toys and confectionery, has successfully raised Rs 110 crore (approximately $13.22 million) in its Series A funding round. The investment was led by a group of prominent domestic investors, including Abakkus Asset Managers, Girik Capital, Param Capital Research, Sixth Sense Ventures, and Viney Equity Market.
The funds will be utilized to enhance CTC’s manufacturing capabilities and to build a robust talent pool, enabling the company to scale operations and cater to the increasing global demand for its products.
Founded by Gaurav Mirchandani, CTC specializes in producing candy toys and promotional toys that are distributed to over 40 countries across three continents. The company has experienced rapid growth and this new funding round is a strategic move to further scale its operations and meet the needs of its expanding global market.
Currently, CTC operates six manufacturing units located in Indore, Delhi, and Hyderabad, along with a facility in Jebel Ali, Dubai. The company also works with 11 contract manufacturers to fulfill its growing production requirements. CTC employs more than 2,000 people and maintains a daily production capacity of 10.5 million candy toys, using over 250 machines while adhering to stringent quality control standards.
The company exports its products to several regions, including Europe, the United States, Africa, Turkey, Japan, the Middle East, and more. With this new funding, CTC is poised to strengthen its position as a global leader in the candy toy manufacturing industry while continuing to meet the demands of its diverse international clientele.
