Funskool (India) Ltd, Indian toy major, is planning a logical extension of its business by foraying into manufacturing foldable wooden table which would be a child’s own workstation. The new product will be available on online markets like Amazon and others and will be priced at Rs 3,499.
Closing last fiscal with a turnover of about Rs 200 crore the company is confident of maintaining the same turnover in the current year also despite the outbreak of COVID-19 and subsequent nationwide lockdown and loss of revenue. Last year the company’s export revenue was about 50 per cent of the total and this year it may be higher as the company is getting more enquiries.
Lockdown impacted the company’s business as April and May are the months when most of the sales happen. Though the COVID-19 had impacted export shipments as well, the company is hopeful that it would go up as there are increased number of sourcing enquiries from MNC toy makers. The company ships out toys to regions in the Middles East, Africa, UK, USA and others. Funskool does OEM production for companies like Spinmaster, Hasbro, Early Learning Centre and many other European companies.
Funskool was started as a joint venture between Indian tyre major MRF Ltd and Hasbro Inc, USA in 1987 and the Indian promoter and associates bought out the American company’s stakes. With two plants in Ranipet in Tamil Nadu and one in Goa, the company makes and sells toys under its own brand and also that of multinational companies (MNC) from different countries under licence.