Skillmatics, which offers products for child skill enhancement, has raised INR 22.47 Cr in Series A round. According to MCA filings, Skillmatics placed a private placement offer in April to issue total 2,50,807 series A convertible preference shares to raise funding of nearly INR 22 Cr.
Smiti Holding and Trading Company has led the Series A round by contributing almost INR 15 Cr in the round. Smiti Holding has been allotted 1,67,205 convertible series A shares for its contribution. As per our reports, Vita Dani, owner of Indian Super League (ISL) franchise Chennaiyin FC, is one of the directors of the company. Dani is also the cousin of Reliance Industries Chairman Mukesh Ambani.
Dubai based Saanush Holdings and Patni Wealth Advisors have individually contributed INR 3.22 Cr. They both have been allotted 34,043 series A convertible shares. Sohel Shikari and Ravi Nigam are other two angel investors who have participated in this round.
MCA filings have also revealed that Skillmatics had raised INR 22 CR in pre-series A round last year. Sequoia had led the pre-series A round by pumping almost 21 Cr in the round.
Skillmatics was part of the Sequoia Surge’s first cohort batch in 2019.
Based in Mumbai, Skillmatics is essentially a full-stack direct-to-consumer brand that develops innovative educational products and games. These innovative products have been designed to help children build core skills and improve their academic performance, the company claims. Dhvanil Sheth is the founder of the company.
The company claims to sell its products to more than 15 countries across the world. The company facilitates its global sales mostly through an international network of 3,000+ retail stores. In 2019, it became the first-ever Indian brand to sell across Hamleys globally.
The MCA filing revealed that the company had earned a revenue of Rs 14.82 Cr in Fy20 as compared to Rs 5 Cr revenue in Fy19.