Indian premium toy startup Legend of Toys has raised ₹21 crore in a Pre-Series A funding round with participation from Singularity Early Opportunities Fund, Veltis Capital, Enzia Ventures, DeVC, Atrium Angels and Stride.
The fresh capital will be used to expand product categories, strengthen manufacturing capabilities, accelerate consumer marketing, enhance digital presence, and support international expansion plans.
India’s Toy Industry Is Undergoing a Major Transformation
India’s toy market is witnessing rapid structural change, driven by:
- Higher import duties
- Stricter quality standards
- Increased focus on domestic manufacturing
Government data shows that toy imports into India declined by 52%, while exports surged by 239% between FY2014-15 and FY2022-23.
The implementation of compulsory BIS certification under the Toys Quality Control Order has also created opportunities for Indian brands focused on quality, safety, and product innovation.
Against this backdrop, Legend of Toys is positioning itself as a homegrown premium toy brand built around storytelling, design, and collectibility.
Building a Story-Driven Premium Toy Brand
Founded by Afshaan Siddiqui and Vinay Jaisingh, both alumni of Indian School of Business, the company focuses on creating character-led toys designed for children, enthusiasts, and collectors.
The startup’s current portfolio includes:
- RC Drift Cars
- Off-Road RC Trucks
- High-Speed RC Cars
- 1:64 Tabletop RC Drift Cars
Products are priced between ₹1,599 and ₹8,799.
Unlike traditional toy companies, Legend of Toys aims to build an immersive universe where every product is connected to a broader narrative and character ecosystem.
Strong Growth Momentum
The company claims to have achieved ₹30 crore ARR within just 18 months of operations and is currently growing at nearly 20% month-on-month.
The startup has also built strong traction through:
- Bestselling SKUs
- High-performing D2C channels
- Positive unit economics
- Community-led engagement
Its strategy focuses not only on sales but also on building long-term customer relationships.
Founders Focused on Building a Global Indian Brand
Commenting on the fundraise, Vinay Jaisingh said:
“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.”
Co-founder Afshaan Siddiqui added:
“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.”
Investors See Massive Potential in India’s Premium Toy Segment
Gokul Gopal, Managing Partner at Veltis Capital, said:
“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.”
Karuna Jain, Founder and Managing Partner at Enzia Ventures, said:
“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.”
Focus on Community and Long-Term Consumer Trust
One of the brand’s differentiators is its “Lifetime Service” offering, which supports products long after purchase through repair and after-sales care.
The company also plans to strengthen its “Kidult” collector community, an emerging but underserved consumer segment in India’s toy ecosystem.
Conclusion
As India’s toy industry shifts toward local manufacturing and premiumisation, Legend of Toys is aiming to build a globally recognised Indian toy brand powered by storytelling, design, performance, and community engagement.
With fresh funding, strong consumer traction, and growing investor confidence, the startup is positioning itself at the intersection of entertainment, collectibility, and modern consumer culture.
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Ruchi Kumar is the associate editor at Entrepreneur News Network and TVW News India, where she leads editorial strategy, brand storytelling, and startup ecosystem coverage. With a strong focus on innovation, business, and marketing insights, he curates impactful narratives that spotlight India’s evolving entrepreneurial landscape. She has written extensively on fintech, AI and emerging startups.