Legend of Toys, an Indian toy brand focused on remote-controlled vehicles, has raised Rs 21 crore in a pre-Series A funding round from Singularity Early Opportunities Fund, Veltis Capital, Enzia Ventures, DeVC, Atrium Angels, and Stride.
The startup will use the raised capital towards entering new play categories, consumer marketing, digital expansion, manufacturing improvements, and international market entry.
Legend of Toys was founded by Afshaan Siddiqui and Vinay Jaisingh, both ISB Class of 2017 alumni with prior operator experience at companies including Livspace, Supertails, and Unacademy.
It currently offers a range of remote-controlled vehicles including RC Drift Cars, Off-Road RC Trucks, 1:64 tabletop RC Drift Cars, and High-Speed RC Cars.
The startup said that each of its products is part of a larger character-driven universe where every toy has a backstory and a role within a broader narrative. The idea is to give children, enthusiasts, and collectors a reason to engage with the brand beyond a single purchase, building what the company describes as a community rather than just a customer base.
It also offers a free Lifetime Service programme, which means customers can get their products repaired rather than having to replace them.
Legend of Toys claims to have reached an annualised revenue run-rate (ARR) of Rs 30 crore and is currently growing at 20% month on month.
"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.
"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," said Afshaan Siddiqui.
Government data shows that toy imports declined by 52% while toy exports rose by 239% between FY14-15 and FY22-23. Tighter quality standards under the Toys Quality Control Order, which brought toys under compulsory BIS certification from January 2021, along with higher import duties, have together created more room for domestic brands that meet quality requirements.
"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 at Veltis Capital.
"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," said Karuna Jain, Managing Partner and Founder of Enzia Ventures.