Flipkart founders Sachin Bansal and Binny Bansal have invested in a Bangalore based offline games startup, MadRat Games. The company has raised around USD 1 million in a fresh funding round, the other investors who participated includes the founders of IT outsourcing firm GlobalLogic – Rajul Garg, Sanjay Singh, Manoj Agarwala and Tarun Upadhyay.
As per an ET report, MadRat will use the funds for branding, marketing and expansion. The firm which was primarily an offline store distributor, with Flipkart and Amazon adding to its 5% of online sales will now focus on retailing through 50 stores.
In 2012, the company had secured USD 500,000 led by First Light Ventures and Blume Ventures. The latest round brings the total capital of the company to date to USD 1.5 million.
MadRat, founded in 2010, started out by launching a Hindi word game Aksharit. The company started by IIT graduates Rajat Dhariwal, Manuj Dhariwal and Madhumita Halder has launched over 70 board games, puzzles and toys. Three months back the startup got accolades when it launched Autista, an app that helps kids with Autism disease.
The startup had a turnover of INR 3 crore last fiscal. According to a report by industry body Assocham, the Indian toy industry is expected to expand to INR 13,000 crore by 2015.
“Innovation is at the core of MadRat’s approach to disrupt the market and led by a team of very talented individuals they enjoy a strong competitive advantage in the industry,” said Sachin Bansal, chief executive of Flipkart.
MadRat plans to launch its own experience store in Bangalore and use customer data from the retail stores for future marketing and product design.