This 29-year-old scored a world-first for his $2 million Indian toy brand. (via CNBCMakeIt)
Having settled on an initial range of eight Skillmatics products, Sheth quickly set about selling online. Within six months of launching in July 2017, one of the products became the No. 1 educational game onIt was all part of Sheth's plan to build a global name of an Indian brand. That rapid growth strategy even saw the young entrepreneur turn down $750,000 from an investor who wanted him to concentrate Skillmatics on India alone, he said.
Earlier this year, the start-up received $1.5 million in funding through Sequoia India's "Surge" accelerator program, taking total funding received to date to $2 million. Revenues, meanwhile, hit $1.5 million in 2019. That will help the company with its expansion plans across the U.S. and India, where its products retail for around $30 and $5 to $10, respectively, Sheth said.
"We want to double down on those two markets that serve as playbooks for the rest of the world," said Sheth, who now leads a team of 40. It will also assist him on his dream to build an "ecosystem of products" and help reinvent what he describes as an"Traditionally, there has been a specific focus on building subject knowledge," said Sheth. "But, in the future, I think it's going to be more about developing a core set of skills.", as once was typical for aspiring entrepreneurs, Sheth advocated getting real-life experience at work.
"That's where I was pocking around and getting ideas," the accounting grad said, referring to his time spent working as a consultant across India,
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