Magic Crate, an early childhood learning startup, has raised an undisclosed amount of seed funding from a group of investors led by T.V.Mohandas Pai (Chairman of Manipal Global Education Services) in his personal capacity & Aarin Capital. The other investors who participated in the round included Narayanan Ramaswamy, Head of Education Practice at a Consulting firm; Sethuraman Sivaramakrishnan, finance expert and practicing Chartered Accountant; and India CEO of a MNC.
Magic Crate was started in 2015 by IIT-IIM alumnus Viswanathan Ramakrishnan along with his friend and ex-McKinsey consultant Karthik Lakshman. The startup provides an inquiry & play-based program for early childhood learning at home.
The company offers a subscription-based service that produces and delivers hands-on activities for kids. The activities are designed by a team of early childhood experts & product designers, to be educational but also entertaining for kids. For each age group, the company offers 3, 6 and 12 month plans at prices starting from Rs. 549/month.
“We launched Magic Crate in early 2015 with about 100 crates shipped in the first month. We have been growing 50% month-on-month and currently ship several thousand crates each month to 1200+ pin codes across the country. We expect adoption to increase as we launch our digital platform in coming days,” said Karthik.
Magic Crate intends to use the raised funds towards expanding its product portfolio, growing the team and scaling manufacturing.
Other players who are operating in the same segment include Flinto, Canary Crate and Small Brown Box.