Augmented reality startup PlayShifu which helps children develop foundational skills through physical and digital play, on Tuesday said it raised $17 million (nearly Rs 125 crore) in a Series B round valuing it at Rs 480-500 crore.

The investor round was led by Inventus Capital, the other investors in the round include Inflexor Ventures, Chiratae Ventures, and Bharat Innovation Fund.

Chiratae Ventures and Bharat Innovation Fund also participated again.

“We are proud of our team for their incredible achievements during the pandemic while working remotely for an entire year. The effort translated into a successful Series B to help take the brand to new heights in 2021 and beyond,” PlayShifu Co-founder and CEO Vivek Goyal said in a statement.

“We plan to expand our product range from 12 to 30 products to cover over 20 early-learning skills by 2022,” Goyal said.

The fundraising follows the most successful year to date in the tech start-up’s four-year history.

As per data intelligence company Morning Consult, the pandemic has also led a majority of parents to look at devices and technology as educational tools too.

PlayShifu said it clocked 150 per cent year-over-year growth in revenue for the third consecutive year and nearly doubled the team from 60 members in 2019 to 115 members in 2020.

The company said its user base from 250,000 in 2019 to 600,000 in 2020.