The Indian toy manufacturer, Funskool is eyeing significant growth for its export business this year, thanks to the launch of its newest facility in Ranipet, India.
The firm, that manufactures its own toy brands from its headquarters in Chennai and distributes brands such as Hasbro, Disney and Takara Tomy across India, has suggested its new facility now “provides a credible and competitive alternative to China sources.”
The move comes as China finds itself caught in the midst of a trade war with the US, a circumstance that according to Funskool, has arrived as a ‘good opportunity for Indian toymakers,’ as many ‘US companies begin looking to India as a sourcing base’.
“Our exports are on the rise, so we have decided to set up a new unit solely for exports at Ranipet with an outlay of £2.5 million,” said Funskool (India) CEO, John Baby.
“Export orders are catered from our Goa plant, But transporting consignments from Goa to the Mumbai port is difficult. From Ranipet, it is cheaper, faster and easier to send export shipments to the Chennai port.”
Funskool is recognised as India’s leading toy manufacturing company with over 30 years of history in the business. The firm boasts an 80,000 sq. ft. facility in Goa, a second factory in Ranipet at 50,000 sq. ft. and the latest 61,000 sq. ft. addition, also in Ranipet.
Funskool currently exports goods to the US, Africa, Europe and the Gulf countries.
According to Baby, the new plant will give them the capability to grow their export business by 50 per cent. Funskool’s turnover was around £25 million this year, with export revenue amounting to £6.5 million.