Legend of Toys Raises ₹21 Cr Pre-Series A to Build Premium Play Universe
Legend of Toys, the Bengaluru-based direct-to-consumer toy brand, has raised ₹21 crore in a Pre-Series A funding round aimed at building what the company describes as India's first premium play universe. The round saw participation from Singularity Early Opportunities Fund, Veltis Capital, Enzia Ventures, DeVC, Atrium Angels and Stride, and follows an 18-month run in which the company crossed ₹30 crore in annualised revenue while growing at 20% month-on-month.
The capital infusion arrives at a pivotal moment for the Indian toy industry. Government data cited by the company shows that India's toy imports declined by 52% while exports surged by 239% between FY2014-15 and FY2022-23, signalling a structural shift from import dependence toward domestic manufacturing and global supply. The policy environment has tilted further in favour of compliant Indian brands since January 2021, when toys were brought under compulsory BIS certification through the Toys Quality Control Order.
Founded in January 2024 by Afshaan Siddiqui and Vinay Jaisingh, both Indian School of Business Class of 2017 alumni, Legend of Toys operates through Fraternitas Ventures Private Limited. Both co-founders bring operator pedigree from Livspace, Supertails and Unacademy, and have positioned the company at the intersection of performance, storytelling and collectibility. The brand's current lineup spans RC Drift Cars, Off-Road RC Trucks, 1:64 tabletop RC Drift Cars and High-Speed RC Cars, priced between ₹1,599 and ₹8,799.
Legend of Toys had previously raised $1.79 million across two seed rounds, including a $1.37 million seed in April 2025 at a post-money valuation of $8.37 million, and a $418,000 round in September 2024. Earlier institutional backers include Z47, Angel List, Singularity AMC, India Accelerator, Incrementum Ventures and Skatrs Management Advisory, alongside angel investors such as Ramakant Sharma, Arjun Vaidya and Vasudev Jaising. The company reported annual revenue of ₹1.65 crore (approximately $195,000) for the year ended March 31, 2025, with a net loss of ₹1.2 crore, and currently employs 25 people.
"We started Legend of Toys with a simple but stubborn belief — that India can build a toy brand the world actually wants to play with. The early response from consumers has been genuinely encouraging, and it tells us the category was ready for something new. Now we get to do the fun part: expand into new categories, strengthen manufacturing, and build the kind of company that can go the distance," said Vinay Jaisingh, Co-Founder, Legend of Toys.
Co-Founder Afshaan Siddiqui added that the company views every product as more than a transaction. "For us, a toy is never just a product. It is a character, a story and an experience. We are building Legend of Toys as a world built on adventure, thrill and excitement — one that kids, enthusiasts and collectors keep coming back to. Our focus remains on great products, real storytelling, strong community and long-term trust as we expand the brand in India and beyond," Siddiqui said.
The Pre-Series A proceeds will be deployed across three priorities, the company said. The first is expansion into new play categories, including DIY and adjacent formats. The second is strengthened sourcing and manufacturing capabilities to support scale. The third is stepped-up investment in consumer marketing and digital presence across India and overseas markets. The company also intends to deepen engagement with its Kidult collector community, which it identifies as an underserved but high-engagement audience in the Indian toy space.
"It's been a privilege to watch the partnership between Legend of Toys and Veltis Capital over the last year. Afshaan and Vinay embody true founder-market fit — deeply passionate about toys and cars, obsessive about quality and building with real depth across product, manufacturing and brand. We are incredibly excited about what lies ahead and believe Legend of Toys has the potential to become a large global toy brand built from India, creating world-class products for children and collectors," said Gokul Gopal, Managing Partner, Veltis Capital.
Echoing that conviction, Karuna Jain, Managing Partner and Founder of Enzia Ventures, pointed to the company's after-sales philosophy as a category differentiator. "India is on the cusp of becoming a global manufacturing powerhouse, and Legend of Toys is going after one of its most overlooked opportunities: building a homegrown toy brand for the Indian kidult. Vinay and Afshaan aren't just making toys; they're building trust through a repair-not-replace model that is almost unheard of in this category. That kind of conviction, paired with real operating chops, is rare. We backed them because we believe this is how a category-defining, globally relevant brand gets built out of India," Jain said.
Complementing its product proposition is a free Lifetime Service offering, designed to support every Legend of Toys product long after purchase and built around durability, trust and after-sales care. The company says a high proportion of its direct-to-consumer sales are unit-economics-positive, with bestselling SKUs driving repeat engagement and community-led feedback shaping product iteration.
About Legend of Toys
Legend of Toys is an Indian toy brand co-founded by Afshaan Siddiqui and Vinay Jaisingh, operating under Fraternitas Ventures Private Limited and headquartered in Bengaluru. Built around a character-driven universe, the brand combines product performance, design quality and storytelling to create toys that go beyond a single transaction. Its current lineup includes RC Drift Cars, Off-Road RC Trucks, 1:64 tabletop RC Drift Cars and High-Speed RC Cars, priced between ₹1,599 and ₹8,799. The brand's free Lifetime Service offering reflects its commitment to long-term consumer trust and after-sales support. With its Pre-Series A funding, Legend of Toys is expanding categories, scaling manufacturing, growing its community and preparing for global markets.