Toko Innovations Studios raises angel funding

Bangalore-based Toko Innovations Studios Pvt. Ltd, which runs a children's entertainment portal called Imaginry, has raised Rs 3 crore (around $450,000) in angel funding led by Roopak Saluja, founder and CEO of The 120 Media Collective, and Vishal Khare on behalf of Indian Angel Network (IAN).

Rajasthan Angel Investor Network (RAIN) also participated in the angel funding round.

The funding will be used for product development, user growth and content partnerships, a company statement said.

"We realised that children's entertainment in India is still at a very nascent stage – so there is a huge market gap to be filled. With Toko, we aim to create a platform and a collaborative ecosystem that will revolutionise Indian children's entertainment," said Aditya Mukherjee, co-founder and CEO, Imaginry.

Imaginry creates content for children which can be viewed on mobile and web browsers and helps kids to enjoy and discover videos, games, factoids, music, art and photos.

It was founded in February 2014 by Aditya Mukherjee, Arnav Mukherjee and Ajitsen Surendran. Prior to founding Toko, Mukherjee was working with Bain & Company as a strategy consultant. Surendran has earlier worked with Yahoo.

Indian Angel Network (IAN) had recently invested $300,000 in Chennai-based startup SP Robotics Works Pvt. Ltd.

In February, Styledotme Fashion and Lifestyle Pvt. Ltd, which operates mobile fashion app Styledotme, secured funding from IAN as part of its small ticket funding programme.

In the same month, IAN invested in Roadhouse Hostels Pvt. Ltd, which runs a chain of hostels targeted at backpackers. In January, it invested in DesignBids, a Delhi-based project discovery platform for architecture and interior design services.

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