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Wednesday, February 28, 2024

Skillmatics records 200% growth in FY21, eyes global expansion

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Skillmatics is a global brand that creates unique educational games and learning tools to help youngsters acquire essential skills.

Since its inception, the firm has expanded to 15 countries, including India, the United Kingdom, the European Union, and Canada, and has sold over five million goods.

Skillmatics, a direct-to-consumer (D2C) educational games and resource brand, increased revenue by roughly 200 percent in FY21.

The California and Mumbai-based business reported a revenue of Rs 150 crore in FY21, up from Rs 50 crore in 2020.

While the United States is its primary market, India accounts for 15% of overall sales, according to the corporation.

Dhvanil Sheth and Devanshi Kejriwal founded Skillmatics in 2017. The company creates educational goods and games to help youngsters improve essential skills through interactive gaming.

After originally establishing one product line, the firm presently maintains seven product lines and claims to have sold 5 million goods.

Skillmatics’ staff has also increased from fewer than 75 employees in 2021 to 150 persons in 2022 across the United States and India.

CEO and Co-Founder Dhvanil Sheth says, “The firm was mostly located in India and was looking towards the United States as a possible market in 2019. Today, Skillmatics has a presence in the United States and India, with ambitions to grow to the United Kingdom, Germany, France, Japan, and Australia.”

The company creates educational toys and activities to help youngsters learn essential skills via organized play. Dhvanil describes its creative services as ranging from math and language to science and logic.

Guess in 10, Write & Wipe Activity Mats, and Found It! are among the new product lines introduced by the firm. The firm has also established a quick and iterative product development engine that is 5X faster than global incumbents and takes a highly data-driven approach to product creation.

Dhvanil claims, “These factors have enhanced the brand’s global competitiveness. We the vast majority of our products from recycled paper and not plastic.We not only use sustainable materials in product development, but we also ensure that the items we produce are reusable and recyclable.”

Since its inception, the brand has sold over five million goods in 15 countries, including India, the United Kingdom, the European Union, and Canada. It now anticipates selling three million devices this year. Skillmatics produces its goods in western India, such as Daman and Maharashtra.

Skillmatics, according to Dhvanil, works in the $100 billion toy and gaming business. Because of its differentiated brand positioning, original IP-led goods, and unique global business strategy, the firm has been able to break into the market. Skillmatics now sells internationally through online marketplaces, its own website, and offline shops such as Walmart, Target, and Hamleys.

“Skillmatics has received consumer adoration with over 100,000+ evaluations from customers worldwide, with an average rating of 4.7 (out of 5),” Dhvanil said.

The business secured $16 million in Series B fundraising earlier this month, headed by Sofina, with participation from previous investors Sequoia Capital India and Jalaj Dani Family Office.

Dhvanil said, “This investment fuels our efforts to develop new capabilities, hire more people at our offices in the United States and India, broaden our reach, and get us closer to developing an iconic brand beloved by families all around the world.”

Skillmatics has already secured over $24 million, including a $6 million Series A investment headed by Sequoia Capital India in April 2021 and a $1.8 million Seed round led by Sequoia India’s Surge program in April 2019. The firm was founded with a Rs 20 lakh investment.

The firm is also considering online/digital marketing and large-scale collaborations.

To raise brand recognition, the company recently collaborated with one of the largest restaurant chains in the United States to sell co-branded items.

Dhvanil explains, “There is no direct rivalry on a global scale. Indirectly, we compete with existing brands such as Hasbro, ThinkFun, Learning Resources, and so on.”


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