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Candytoy Corporate secures Rs 1.1 billion to expand manufacturing facilities
Industry News- Nov 28,24
Headquartered in Indore, the company exports to regions including Europe, the United States, Africa, Turkey, Japan, the Middle East, and more.
Indore-based Candytoy Corporate Pvt. Ltd. (CTC), a leading global manufacturer of plastic promotional toys and confectionery, has raised Rs 1.1 billion in its Series A funding round. The investment comes from a diverse group of domestic investors, high-net-worth individuals (HNIs), angel investors, and institutional investors.
The funds will enable CTC to expand its manufacturing capabilities and invest in building a strong talent pool to support its rapid growth. CTC supplies candy toys and promotional toys to over 40 countries across three continents, and this strategic move aligns with its vision of scaling operations to meet increasing global demand.
Gaurav Mirchandani, Director, Candytoy Corporate Pvt. Ltd., said "We are getting into a very exciting phase. This Series A deal of Rs 1.1 billion with 13% liquidation will not only help propel our growth but also enable us to invest in the incredible talent that drives our success as we take on the new business orders received from across the globe.”
While JNR Corporate Advisors, led by CA Jayesh Pahuja, advised the company on the deal, the fundraising was supported by prominent investment partners, including Abakkus Asset Managers (led by Sunil Singhania), Girik Capital (led by Varun Daga), Param Capital Research (led by Mukul Agrawal), Sixth Sense Ventures (led by Nikhil Vora), and Viney Equity Market (led by Viney Aggarwal).
"We plan to open more manufacturing units within Indore and across India, keeping in line with our Government’s ‘Make in India’ initiative. CTC is a high-performance organisation that will continue to strive toward its vision of becoming an admired and trusted company by all stakeholders in the years to come," further stated Mirchandani.
Since its inception in 2019, CTC has achieved remarkable growth. Headquartered in Indore, the company exports to regions including Europe, the United States, Africa, Turkey, Japan, the Middle East, and more. CTC employs over 2,000 people and operates six manufacturing units in Indore, Delhi, and Hyderabad, as well as a facility in Jebel Ali, Dubai. The company also collaborates with 11 contract manufacturers to meet its growing demand.
Currently, CTC boasts a daily production capacity of 10.5 million candy toys, leveraging over 250 machines while maintaining stringent quality standards.
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