Flintobox, a startup offering activity-based learning kits for children, has raised $7 million (about Rs 45 crore) in a Series A round led by venture capital firm Lightbox, a company statement said.
Existing investors also put in money, the company said, without disclosing names. Some media reports, however, said that Globevestor, Ashwin Chadha, Asian E-Commerce Alliance and Mauj Mobile participated in the funding round.
The Chennai-based startup will use the funds to enhance market share and venture into other markets, the statement added.
Flinto Learning Solutions Pvt. Ltd, which runs Flintobox, was founded in September 2013 by Arunprasad Durairaj, Vijay Babu Gandhi and Shreenidhi Srirangam. It focusses on children's learning and development at home and preschool through Flintobox and FlintoClass, respectively.
Flintobox is a subscription service delivering theme-based monthly activity box for 2-12-year olds. The boxes, which come with games and activities, take a new theme every month and are crafted by child development experts, child psychologists, and montessori experts, the company said.
FlintoClass offers curriculum and lesson plans, assessment materials, teacher training resources, parent communication app, and other operational support to preschools. Its curriculum is currently available for nursery, pre-KG, LKG and UKG.
FlintoClass, launched in June this year, is working with more than 350 preschools across 25 cities, the company said.
"Today, we have more than 4 lakh customers for Flintobox in over 700 cities and towns in the country... we’re expanding into the mostly unorganised and fragmented preschool market,” Durairaj said.
The company claims that it has turned profitable, and is on target to achieve a revenue of Rs 40 crore this year. "By the same time next year, we aim to reach 1,000 preschools...we’re also aspiring towards global expansion," Durairaj added.
Flintobox, which was incubated at Gurgaon-based GSF Accelerator, has raised multiple rounds of angel funding from investors including Global Super Angels Forum, People Group’s Anupam Mittal, GSF India founder Rajesh Sawhney, Madison India Capital Advisors Pvt. Ltd., and Globevestor.
Investment bank Advay Capital advised Flintobox on the deal.