Legend of Toys, an Indian mass-premium toy brand co-founded by Afshaan Siddiqui and Vinay Jaisingh, has raised ₹21 crore in a Pre-Series A funding round as it looks to scale what it calls India’s first premium play universe.
The round saw participation from Singularity Early Opportunities Fund, Veltis Capital, Enzia Ventures, DeVC, Atrium Angels and Stride. The company said the capital will be used to expand into new play categories, strengthen sourcing and manufacturing, grow its digital presence, invest in consumer marketing and explore global markets.
Founded by ISB Class of 2017 alumni Siddiqui and Jaisingh, Legend of Toys is trying to build in a segment where Indian brands have often been seen as either price-led or import-dependent. Its current range 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.
What makes the company’s positioning different is its attempt to move beyond a simple toy purchase. Legend of Toys is building a character-led universe where each product has a backstory and a role inside a wider narrative. The idea is to make the toy more than a one-time object and turn it into a world that children, collectors and enthusiasts can keep returning to.
The company said it has reached ₹30 crore annual recurring revenue within 18 months and is growing at 20 percent month-on-month. It also said a high share of its sales through the direct-to-consumer channel are unit-economics-positive, pointing to strong consumer pull for the brand.
Vinay Jaisingh, Co-Founder of Legend of Toys, said the company was built on the belief that India can create a toy brand with global appeal.
“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,” he said.
The funding comes at a time when India’s toy industry is changing structurally. Government data cited by the company shows that India’s toy imports declined by 52 percent while exports rose by 239 percent between FY2014-15 and FY2022-23. The company also pointed to the Toys Quality Control Order, under which toys were brought under compulsory BIS certification from January 2021.
Together, these shifts have created more room for compliant Indian toy companies that can combine design, durability, safety standards and stronger brand recall. Legend of Toys is entering that space with a mix of performance-led RC products, storytelling and after-sales support.
Afshaan Siddiqui, Co-Founder of Legend of Toys, said the company sees toys as stories and experiences, not just 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, 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,” He said.
Investor comments also suggest that the company’s appeal lies not only in the toy category, but in how it is approaching product depth and consumer trust.
Gokul Gopal, Managing Partner at Veltis Capital, said the founders bring strong founder-market fit and are deeply involved across product, manufacturing and brand building. He said Legend of Toys has the potential to become a large global toy brand built from India.
Karuna Jain, Managing Partner and Founder of Enzia Ventures, pointed to India’s manufacturing opportunity and described Legend of Toys as a homegrown brand targeting the Indian “kidult” consumer. She also highlighted the company’s repair-not-replace mindset, calling it unusual for the category.
The company’s free Lifetime Service offering is one of the sharper parts of its proposition. In a category where toys are often treated as disposable purchases, Legend of Toys is trying to build trust by supporting products after purchase. The model is aimed at improving durability, after-sales care and long-term consumer confidence.
With the new funding, the company plans to enter DIY and adjacent play formats while continuing to build its Kidult collector community. This audience, made up of older toy enthusiasts and collectors, remains relatively underserved in India but can offer high engagement for brands that build strong product stories and community experiences.
For Legend of Toys, the next phase will test whether a young Indian toy brand can convert early D2C traction into a larger consumer movement. The company has already found demand in performance-driven RC toys. Its bigger challenge now is to turn that demand into a wider premium play brand that can compete not only in India, but eventually in global markets.
At a time when India is pushing domestic manufacturing and toy exports, Legend of Toys is betting that the next Indian toy success story will not be built on price alone. It will need design, story, quality, service and a community that believes the toy is worth keeping.
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