| Log in

MadRat Games grabs $1M funding from co-founders of Flipkart and GlobalLogic

20 November, 2014

Bangalore-based offline gaming products startup MadRat Games Pvt Ltd has secured $1 million (around Rs 6.2 crore) in funding from a clutch of investors, including Sachin Bansal and Binny Bansal (not related), co-founders of home-grown e-commerce giant Flipkart.com. Other investors who participated in the round are Pine Labs, a provider of payments, loyalty and retail automation solutions, besides Rajul Garg, Sanjay Singh, Manoj Agarwala and Tarun Upadhyay — founders of GlobalLogic.

MadRat, which essentially makes board games, learning puzzles, toys and mobile games, will use the funds for branding, marketing and expansion.

In December 2012, MadRat had raised an undisclosed amount from Blume Ventures.

The company was founded in 2010 by three IITians – brothers Manuj & Rajat Dhariwal and Madhumita Haldar. Prior to founding MadRat, Manuj worked with companies such as Compassites Software Solutions and Itsme S.r.l of Milan. Rajat worked at Amazon.com and was also a teacher in Rishi Valley School in Chittoor (Andhra Pradesh). He holds an MS degree in Computer Science and Computer Engineering from Carnegie Mellon University, Pittsburgh, Pennsylvania.

Madhumita worked with Rhythm & Hues and like Rajat, was a teacher at Rishi Valley School.

MadRat entered the market with its flagship product Aksharit, a scrabble game in Hindi, but is now offering games in several local languages such as Bengali, Punjabi and Telugu, and also in English.

The firm claims that it has sold over 275,000 units since inception, and launched 70-plus titles last year.

The firm is selling through 2,000 stores. Its products are also available on e-commerce sites like Flipkart and Amazon. MadRat claims that it had a turnover of Rs 3 crore in the last financial year.

“Innovation is at the core of MadRat’s approach to disrupt the market and led by a team of very talented individuals they enjoy a strong competitive advantage in the industry,” said Sachin Bansal. 

(Edited by Joby Puthuparampil Johnson)


Leave Your Comment
Ratan Tata, Ola founders back MadRat Games

Ratan Tata, Ola founders back MadRat Games

Ratan Tata, chairman emeritus of Tata Sons Ltd and one of India’s most...
Flipkart founders invest in med-tech startup Wrig Nanosystems; joins Snapdeal founders to back MadRat

Flipkart founders invest in med-tech startup Wrig Nanosystems; joins Snapdeal founders to back MadRat

TEAM VCC 2 years ago
Co-founders of Flipkart and Snapdeal, two of India’s largest e-commerce...
Gaming startup MadRat raises funding from Blume Ventures

Gaming startup MadRat raises funding from Blume Ventures

Anand Rai 5 years ago
Bangalore-based gaming startup MadRat Games Pvt Ltd has raised an undisclosed...
No Comments

MadRat Games grabs $1M funding from co-founders of Flipkart and GlobalLogic

Powered by WordPress.com VIP