The ISB-founded D2C toy brand has raised Rs 21 crore with participation from six investors, after hitting Rs 30 crore ARR in 18 months and growing at 20 per cent month-on-month

Legend of Toys, a mass premium Indian toy brand, has raised Rs 21 crore in its Pre-Series A funding round, with participation from Singularity Early Opportunities Fund, Veltis Capital, Enzia Ventures, DeVC, Atrium Angels and Stride. The capital will support the brand's next phase of growth across new play categories, consumer marketing, digital expansion, manufacturing and international markets.

India's toy market is undergoing a structural shift, driven by higher import duties, tighter quality standards and a stronger push for domestic manufacturing. Government data shows that India's toy imports declined by 52 per cent while toy exports rose by 239 per cent between FY2014-15 and FY2022-23, reflecting a broader move from import dependence to local production and global supply. The policy environment has also become more supportive for compliant domestic brands, with toys brought under compulsory BIS certification from January 2021 under the Toys Quality Control Order. This shift is creating room for Indian toy brands that can combine product quality, design, durability and stronger consumer engagement.

Founded by Afshaan Siddiqui and Vinay Jaisingh, both ISB Class of 2017 alumni with operator backgrounds at Livspace, Supertails and Unacademy, Legend of Toys is building high-quality, character-driven toys at the intersection of performance, storytelling and collectibility. The brand's product lineup spans RC Drift Cars, Off-Road RC Trucks, 1:64 tabletop RC Drift Cars and High-Speed RC Cars, priced between Rs 1,599 and Rs 8,799.

At the heart of Legend of Toys is a richly imagined universe where every character has a backstory and a role to play. Each product is designed not only as a toy, but as part of a larger narrative that allows children, enthusiasts and collectors to engage with the brand beyond a single purchase. This storytelling-led approach is helping the brand build a deeper emotional connection with its community.

Vecna4 (Vision, Engineering, Creativity, Navigation), a dynamic team of four 11-year-old innovators from Amity International School, Pushp Vihar, comprising Arjunveer Chauhan, Avyaan Pratap, Anant Khemka, and Shaurya Rawat, have qualified for the National Finals of the prestigious F1 STEM Racing competition, demonstrating not only their passion for engineering and motorsport, but also a remarkable commitment to sustainability and community impact.

Beyond designing and building their race car, the team is actively driving change through sustainability focused outreach initiatives. Their efforts include conducting engaging workshops for school students and organising LEGO car building sessions for underprivileged children, fostering creativity, problem-solving, and early exposure to STEM learning.

Fuelled by curiosity and a love for engineering, Vecna4 has also had the opportunity to learn from some of the industry's leading voices. During a recent interaction with Himanshu Jaisinghani at TnT Motors, partners of Mercedes-Benz India, the students explored engineering innovation and sustainability in motorsport.

Ashish Singhal, Co-founder, CoinSwitch

"The CLARITY Act is a significant moment for the global crypto industry because it finally attempts to address one of the ecosystem's biggest unresolved challenges i.e. regulatory clarity around digital assets. Despite over 40% of Americans already having exposure to crypto, the industry has largely operated without a clearly defined legislative framework for more than a decade. Questions around whether a token should be treated as a security, commodity, or a separate asset class altogether have often been debated in courtrooms instead of being clearly addressed through regulation.

What makes this development important is that the conversation is now shifting from uncertainty towards structured policymaking. As institutional participation in crypto continues to increase through ETFs, traditional finance integration, and broader market adoption, clearer frameworks become essential for long-term capital allocation and industry growth.

The market is viewing the CLARITY Act as a strong signal that crypto regulation in the US is entering a more mature phase. Frameworks like these could eventually become important global reference points for how digital assets are regulated and integrated into the broader financial system,"

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The Thesis

Nifty closed at 23,689 with FIIs turning net buyers after three months of selling, but India VIX held at 18.61 and Brent pushed back to $102 on Middle East risk. InvestorAi is positioning a defensive-plus-commodity barbell - telecom and pharma absorbing the volatility premium, metals and energy riding the crude bid. GIFT Nifty at +1.11% signals a gap-up open, though Asia turned cautious overnight on the Trump-Xi summit.

Where We're Concentrated

Three clusters carry the book: telecom for cash-flow defensiveness while VIX stays sticky, pharma and healthcare for low-beta plus USD-revenue tailwind, and commodities for direct leverage to crude at $102 and a still-firm metals complex. The thesis breaks if Brent collapses on a US-Iran de-escalation and VIX cracks below 17 - that drains the defensive premium and rotates flows back into rate-sensitive financials.

Conviction Picks

HIGHEST CONVICTION

Indus Towers

Telecom infra anchor - steady cash flows priced for an environment that stays jumpy with VIX above 18.

HIGHEST CONVICTION

Vodafone Idea

Recapitalization and tariff-hike narrative catches the returning FII bid as foreign flows turn positive.

HIGHEST CONVICTION

Vedanta

Direct commodity beta - Brent at $102 and the metals complex still firm keep the cash-flow story intact.

Zydus Lifesciences

Pharma defensive lead with USD-generics tailwind as the rupee softens alongside firmer crude.

Oil India

PSU energy leveraged to the same Middle East risk premium driving Brent - a clean way to play the overnight crude move.

One Thing to Watch

India VIX. At 18.61, the defensive thesis is intact. A break below 17 - most likely on a US-Iran de-escalation that drags Brent lower - drains the telecom-pharma premium and forces rotation back into rate-sensitive financials.

BTC touched $82K as markets reacted positively to the Senate advancing the CLARITY Act, a step toward clearer U.S. crypto regulation. The bill aims to define whether tokens are securities, commodities, or other digital assets, reducing uncertainty around SEC and CFTC oversight. Broader sentiment also stayed supportive, with U.S. stocks extending gains on tech strength and optimism around Trump's meeting with Xi Jinping in Beijing. In this type of market, BTC usually leads before capital rotates into ETH, altcoins, and then higher-risk altcoins. Investors should avoid overexposure to low-liquidity tokens just because sentiment has improved.

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Rajesh Palviya, Head of Research, Axis Direct

The Nifty gained 277 points yesterday to settle at 23,689.6, its second straight session of recovery. Technically speaking, Thursday's candle left a roughly 100-point upper shadow, with profit-booking emerging near 23,777.2 despite the index advancing 1.18%. Overnight, US benchmarks struck fresh records - the S&P 500 rose 0.77%, the Dow reclaimed 50,000 (+0.74%), and the Nasdaq added 0.88% - powered by Cisco's 13% jump and Nvidia's H200 chip clearance. Asian cues this morning are negative; Japan and Korea are trading in the red. Gold sits at $4,650, silver fell and is trading closer to $80, and Brent persists above $105 - a lingering headwind. GIFT Nifty at 23,734.0 is trading marginally high. The bias is cautiously bullish, but bulls first need to clear 23,790 supply, with 24,000 the larger hurdle. 23,500 is the immediate support to defend; a breach would expose 23,300.

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At the close on Thursday, the total market cap of all BSE Sensex companies stood at Rs 4,62,82,108.