Mirana Toys, based in Ahmedabad, announced on November 26 that it has secured Rs 57.5 crore in Series A funding, with Arkam Ventures leading and contributions from Accel, Info Edge, and Riverwalk Holdings.

The fundraising occurs as the “China plus one” strategy accelerates and the government is urging manufacturers to boost domestic production in sectors traditionally dominated by imports.

Devansh Sharma, co-founder and CEO, stated, "This funding will allow us to expand our infrastructure and technology to satisfy increasing global demand. Our aim is to establish Mirana as the leading trusted toy tech collaborator for brands globally.”

The money will be allocated to establish a new manufacturing facility equipped with injection molding and die-casting machinery, as well as internal packaging lines to enhance monthly production, the company stated.

Established in 2021 by Sharma and Ravi Yadav, Mirana aims to be a vertically integrated toy technology producer boasting in-house expertise in design, electronics, tooling, molding, assembly, and compliance.

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"In India, we primarily operate as B2C (business to consumers). Everything we produce is marketed under our brand. We simply place items online, the pricing is competitive, we maintain cost management, allowing for automatic sales. In India, we only have limited B2B activities with Mahindra; however, for exports, we concentrate on OEM clients due to their strong brands and licenses," Sharma adds.

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Its portfolio features AI-enabled robots, AR-driven RC cars, hobby-grade vehicles, and STEM kits like Block Rider and Build Your Own RC.

The firm stated that its complete stack configuration aids in reducing development timelines and ensuring stricter quality oversight, which is essential for overseas markets with rigorous compliance standards.

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"Our focus is exports. Whatever we do now, maybe around 1 lakh toys or sometimes 50 to 75 thousand toys per month, are all for the India market under our brand. For exports, we need a lot of certifications. We have a much bigger facility coming up, around 30,000 square meters. Once that is up, we will be ready for exports. We do small exports now but bigger ones will start next year," Sharma says.