Candytoy

Candytoy Corporate Private Limited, operating under the brand name SM Toys, is an Indore-based manufacturer specializing in promotional toys and toy-in-confectionery products. The company was established in 2019 by Gaurav Mirchandani, who serves as the Founder and CEO. His journey into the toy industry began after returning to India from the US in 2015, where he had successfully managed a chain of perfume stores. A pivotal meeting with an executive from a major snack brand revealed a significant domestic demand for promotional toys, which were primarily being imported from China. This insight prompted Mirchandani to initially start by trading toys before transitioning to manufacturing. His wife, Reema Mirchandani, is a director and handles the company's operations, with a focus on empowering women by employing a workforce of which 70% are female.

The company's business model centers on the B2B market, supplying small, low-cost toys that are bundled with other products to drive sales. Its clientele spans various sectors, including major food and confectionery brands like Cadbury, Haldiram's, and Perfetti, as well as companies in other industries such as Colgate, Puma, and Vistara. For instance, SM Toys created sand timers for Colgate to encourage children to brush their teeth for the recommended duration. In November 2024, the company secured $13 million in a Series A funding round to expand its manufacturing facilities. This investment was led by firms including Abakkus Asset Manager, Girik Capital, and Sixth Sense Ventures.

Candytoy Corporate manufactures a wide variety of plastic toys, including pull-back cars, figurines, puzzles, and DIY kits, utilizing an injection molding process with food-grade materials. The company has a library of over 2,200 molds and operates manufacturing units in Indore, Hyderabad, and Delhi. In addition to its B2B focus, the company launched its own consumer-facing confectionery brand, "Hoppin," in 2020. Hoppin products combine candies like jellies and lollipops with a surprise toy, a concept that has found success in over 30 countries. This dual approach of serving both corporate clients with promotional items and reaching consumers directly with their branded candy-toys defines their market strategy.

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