New Delhi, Nov 26 (PTI) Plastic promotional toys and confectionery manufacturer Candytoy Corporate has secured an investment of Rs 110 crore in a funding round.
This Series A round of funding was led by a large pool of domestic investors, high networth individuals (HNIs), angel investors and institutional investors, according to a statement issued by the Indore-based candy toy maker.
This new round of funding will enable Candytoy Corporate (CTC) to expand its manufacturing capabilities and invest in nurturing top talent nationwide to support its fast-paced growth, it added.
"We are getting into a very exciting phase. This series A deal of Rs 110.5 crore with 13 per cent liquidation will not only help propel our growth but also invest in the incredible talent that drives our success to take on the new business orders received from across the globe," CTC Director Gaurav Mirchandani said.
CTC manufactures candy toys for companies such as Colgate, Puma, MTR, Bournvita, Yellow Diamonds, Vistara Airlines and AirAsia among others. It has also partnered with Reliance Retail.
Besides, CTC also supplies Candy Toys and promotional toys to over 40 countries across three continents.
"We plan to open more manufacturing units within Indore and India keeping in line with our government's 'Make in India' initiative,” Mirchandani added.
CTC currently boasts a production capacity of 10.5 million Candy Toys per day, with over 250 machines at its six manufacturing units in Indore, Delhi, and Hyderabad, in India, as well as Jebel Ali in Dubai along with 11 contractual manufacturers.
Incorporated in 2019, CTC operates with two brands - SM Toys and confectionary brand Hoppin Candy Toy. CTC exports to Europe, the US, African countries, Turkey, South Africa, Japan, Saudi Arabia, Oman, Kuwait & UAE, among others. The company employs over 2,000 people.