Candytoy Corporate, known for producing candy toys for brands like Colgate, Puma, Bournvita, and AirAsia, is setting its sights on reaching a turnover of Rs 450 crore by the next fiscal year, according to Founder Director Gaurav Mirchandani.
To support its ambitious growth plans, the Indore-based company is planning to raise Rs 90 crore by selling a 10% equity stake, valuing the company at Rs 900 crore, Mirchandani said. The bootstrapped startup also has plans to list on the stock exchange within the next three years.
“We are diluting a 10% stake through a venture capital firm, bringing in Rs 90 crore, which will be primarily invested this year to help us achieve a turnover of around Rs 400 crore to Rs 450 crore by the next financial year,” Mirchandani told PTI.
Candytoy Corporate Pvt Ltd (CTC) reported a turnover of approximately Rs 250 crore in the fiscal year 2023-24. “With a 30% year-on-year growth in orders over the past two years, we see the need to open new plants to accommodate this increasing demand and expand into new product lines,” Mirchandani said.
The company, which operates 250 injection molding machines, produces 10.5 million candy toys daily. “Our third manufacturing plant in Indore has just started operations, and we will soon begin production at our Jebel Ali plant near Dubai, which will serve the UAE, Saudi Arabia, Oman, and Kuwait,” he added.
CTC has invested Rs 35 crore (USD 5 million) in each of these new plants and plans to expand into new categories, including inflatables and bubble water toys, according to Mirchandani. He also emphasized the growth potential of the Indian market, noting that few companies, such as Ferrero India with its Kinder Joy, offer chocolates with a surprise toy.
“Most candy toys are imported from China, which often have quality issues due to the sugar used. We use organic sugar, which is better for children, and the attached toy has creative value,” he said. CTC’s major clients include Pratap Snacks, HUL, Colgate Palmolive, and Perfetti Van Melle in the domestic market. Internationally, most of its products are sold in the US and Europe.
Founded in 2019, Candytoy Corporate operates under two brands, SM Toys and Hoppin Candy Toy, and is a leading manufacturer of plastic promotional toys and confectionery. Approximately 80% of its sales come from business-to-business (B2B) transactions, with the remaining 20% from business-to-consumer (B2C) sales.
CTC operates five factories in India (three in Indore, one in Hyderabad, and one in Delhi) and works with 11 contract manufacturers to produce a wide range of products, including promotional toys, candy toys, Barbie dolls, electronic toys, DIY toys, LED toys, musical toys, prank toys, and sticky toys. Beyond India, CTC exports to over 35 countries, including those in Europe, the US, Africa, Turkey, South Africa, Japan, and the Middle East.
