Direct to consumer (D2C) educational product brand Skillmatics has raised a new round led by Sofina Ventures. Existing investors Sequoia Capital and Smiti Holdings also participated in the Series B round. The fresh round for the Mumbai-based company has come after a year. It had raised $6 million Series A in June 2021.
Skillmatics has allotted 4,77,730 Series B preference shares at an issue price of Rs 2534.4 per share to raise Rs 121.07 crore or $15.8 million, regulatory filings show. Sofina has spearheaded the round with Rs 96.1 crore while Sequoia and Smiti have invested Rs 18.92 crore and Rs 6.05 crore respectively.
As per Fintrackr estimates, Skillmatics has been valued at around Rs 975 crore or $127 million ( post-money ) in its Series B funding round. This marks a 3.3X jump in its valuation as compared to Rs 298 crore it was valued after its Series A funding in April 2021.
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With the Series B round, Skillmatics has raised close to $24 million including $6 million Series A round led by Sequoia Capital India. and $1.5 million seed round in April 2019.
Founded by Dhvanil Sheth, Skillmatics develops educational products and games for children aged under 10. The startup claims to have over 15,000 offline stores present across 15 countries and sold over 3 million products. It offers educational toys and games across Science, Technology, Engineering and Maths streams.
Skillmatics currently offers products in three key categories — learning resources, educational games and STEM toys, and sells its products across a number of large offline retailers including Walmart and Target.
The company has presence across 15 countries with a primary focus on North America and India. It also sells its products via its own website, online marketplaces and across 15,000 offline stores worldwide.
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