India’s startup ecosystem has spent the last few years solving for everything from fintech and food delivery to quick commerce and AI. But quietly, another category has been gathering momentum in the background — toys.
Not the low-cost plastic products that once flooded Indian markets through imports, but a new generation of premium, design-led, experience-driven toys built for a digitally connected consumer. And now, Bengaluru-based startup Legend of Toys is betting that India is ready for a homegrown brand that can turn play into a serious consumer business.
The direct-to-consumer startup has raised ₹21 crore in a Pre-Series A funding round as it looks to scale its presence in India’s rapidly evolving premium toy and collectibles segment. The round saw participation from Singularity Early Opportunities Fund, Veltis Capital, Enzia Ventures, DeVC, Atrium Angels and Stride Ventures.
For a category that has historically remained fragmented and heavily dependent on imported products, the funding signals something larger than just capital infusion. It reflects growing investor confidence in India’s emerging toy economy and the rise of consumer brands being built around passion-led communities, collectibility and storytelling.
Building Beyond Toys Into a Lifestyle and Hobby Brand
Founded by ISB alumni Afshaan Siddiqui and Vinay Jaisingh, Legend of Toys is positioning itself not merely as a toy company, but as a modern entertainment and hobby brand designed for both children and the increasingly influential “kidult” audience — adults who actively engage with collectibles, gaming culture and hobby-based products.
The company’s product portfolio currently includes RC Drift Cars, Off-Road RC Trucks, 1:64 tabletop RC Drift Cars and High-Speed RC Cars. Its products are priced between ₹1,599 and ₹8,799, placing the startup firmly in the premium segment of the market.
But beyond the products themselves, what appears to be working for the startup is the experience layer it is trying to build around them.
At a time when consumers are increasingly seeking engagement over ownership, Legend of Toys is leaning heavily into storytelling, community-building and immersive play experiences. The startup says it wants every product to feel like part of a larger universe rather than just another item on a shelf.
Fast Growth Signals Rising Demand for Premium Play Products
That philosophy has also helped the company build early traction at a surprisingly rapid pace.
Legend of Toys claims it has already crossed an annual recurring revenue (ARR) of ₹30 crore within just 18 months of operations, while maintaining close to 20% month-on-month growth. The company also stated that a large share of its revenue comes directly through its own D2C channels with positive unit economics — an important metric for consumer startups navigating increasingly cautious investor sentiment.
The growth becomes even more significant when viewed against the backdrop of India’s changing toy industry.
For years, the Indian toy market was dominated by imports, particularly from China. However, policy changes and manufacturing reforms over the last few years have started reshaping the sector. According to industry data cited by the company, toy imports in India declined by 52% between FY2014-15 and FY2022-23, while exports rose by 239% during the same period.
The shift has been driven in part by government interventions aimed at strengthening domestic manufacturing. Measures such as mandatory BIS certification under the Toys Quality Control Order implemented in January 2021 have created higher compliance barriers for imported products while opening opportunities for organised Indian players.
As a result, startups building locally manufactured and quality-compliant products are increasingly finding room to compete.
Where the Fresh Capital Will Be Used
Legend of Toys now wants to use the fresh capital to accelerate that opportunity.
The startup said the newly raised funds will be deployed across expanding into adjacent play categories, strengthening manufacturing and sourcing capabilities, scaling consumer marketing, building digital reach and exploring international markets.
The company is also looking at newer play formats, including DIY-focused categories, while simultaneously deepening engagement with collectors and enthusiast communities that are becoming central to the premium hobby ecosystem globally.
Founders Say the Vision Is to Build a Global Toy Brand From India
Speaking on the company’s vision, Co-Founder Vinay Jaisingh said the idea behind Legend of Toys was always to create a globally recognised toy brand originating from India.
“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,” he said.
Co-Founder Afshaan Siddiqui added that the startup sees toys as far more than standalone products.
“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,” he said.
Investors See Potential in India’s Emerging ‘Kidult’ Market
Investors backing the startup also pointed toward the founders’ understanding of the market and the company’s emphasis on quality and community engagement.
Gokul Gopal, Managing Partner at Veltis Capital, said the founders demonstrated strong founder-market fit and possessed the ability to build a globally relevant brand from India.
Meanwhile, Karuna Jain, Founder and Managing Partner at Enzia Ventures, highlighted the company’s focus on the underserved “kidult” market and its after-sales approach as differentiators in the category.
One of the startup’s more notable consumer-focused initiatives is its free Lifetime Service model, introduced to strengthen after-sales support and improve long-term trust among buyers in the premium toy segment — an area where many Indian consumers have historically faced inconsistent experiences.
India’s Toy Industry Is Entering a New Phase
The strategy reflects a broader shift visible across new-age consumer brands in India. Increasingly, startups are discovering that retention, trust and community can become stronger growth drivers than aggressive discount-led customer acquisition.
For India’s startup ecosystem, Legend of Toys also represents another emerging trend — the rise of manufacturing-led consumer brands with global ambitions.
Over the past decade, Indian startups largely chased software and internet-led scale. Today, investors are once again showing interest in physical consumer products, especially brands that combine manufacturing depth, digital distribution and strong storytelling.
The toy industry, once considered too niche or unorganised for venture-scale outcomes, is now beginning to attract serious attention.
And as Indian consumers spend more on hobbies, collectibles, gaming culture and experience-led entertainment, companies like Legend of Toys are attempting to create an entirely new category of aspirational play brands from India.
Whether the startup can eventually build a globally recognised entertainment brand remains to be seen. But with rapid early growth, rising investor backing and a changing market landscape working in its favour, Legend of Toys is clearly aiming far beyond the traditional toy shelf.
