Table of Contents

INDIAN TOY INDUSTRY

The Merriam Dictionary defines Toys, “something small and that can be played with by mainly
children (preferably animals/human figurines). India has rich tradition of Toys. Right from the
very ancient times Indus Valley civilization. Many figurines of dancing girl, animals, board games
like chess of today times etc. have evolved from the ancient games of Indian Subcontinent. The
commercial production of toys has long history. Thus India has a long and rich history of toys and
games.

THE CURRENT STATE OF TOY INDUSTRY

The Euromonitor report for Toy industry states that Industry is growing at the rate of 5.4%. The
growth for the last five-year (70%) period has been on the rise (due to increase in disposable
income, changing demographics etc.)
The market size is currently being at 30,197 million INR for Traditional toys and games. The
market size for Non-traditional toys and games (such as Legos and new ages toys such as Action
figures and Moving vehicle) accounts for 42,267 Million INR. The rest of the market consists of
the Video Games (Out of scope of our analysis) has market size of 17,069 Million INR.
If we analyze the CAGR for this industry. We see that Traditional Toys and Games are growing at
the healthy CAGR of 11 to 12% for year 2010-15. While Nontraditional Toys and Games also has
been seen robust growth rate of CAGR 17% for same time period. However, the biggest player
has been the Video games industry. It is enjoying the CAGR OF whopping 40% for same period.
Hence it one the biggest threats to all the major games and toys players’.
SWOT ANALYSIS
Before analyzing the Industry further let’s do the SWOT analysis of traditional Toy Industry.
Strength: Long heritage of Toys makes them unique and difficult to copy. It also means these toys
have high reach to every nook and corner of the country.
Weakness: They have not been able to capture the market because of their inability to change
with changing times and their inability to get organized and make a brand.
Opportunities: The players in Non-Traditional games and toys has huge potential in the market
due changing demographic. The percentage of population under 14 yrs. is 29% 6. The disposable
income is increasing. It has increased from 126,000 INR to 140,000 INR. i.e. 11.11% over previous
year. These two factors lead to lot of growth potential.
Threats: The biggest threat to Indian traditional toys industries are Cheap Chinese toys. Since the
last decade (2001-11) CAGR in growth rate has been 25.2% according to ASSACOM. Another
potential danger is the changing habits of young children and adolescents. They are shifting from
traditional toys to mobile and video games.8The percentage number of boys and girls playing the
video games has almost doubled in last three years. For boys and girls has increased from the 9%
and 7% respectively in 2012 to 16% and 14% respectively in 2015. This further expected to
accelerate in future due to increase availability of internet and 3G facilities.

CHALLENGES:
Government challenges:
Non-availability of many quality raw materials in the country was the major issue for the
manufacturer, so they have to import them to maintain quality of the finished product. The
effective difference for manufacturing toys in India using these raw materials are very high and
this has a negative impact on the growth of Indian toy manufacturing sector. Rather than earning
foreign exchange through exports, the country is losing so much through imports. Unless
immediate corrective measures are taken, domestic & small manufacturers cannot survive.
The Union Budget, 2018 presented by Finance Minister Arun Jaitley proposed to increase
customs duty from 10 per cent to 20 per cent on toys such as dolls, puzzles, tricycles, toy scooters
among others. Industry players believe the rise in customs duty, coupled with the imposition of
social welfare surcharge, could lead to an increase in prices of imported toys by 10-20 per cent.
And so imported finished toys are all set to become costlier in India, with the government hiking
customs duty on toys and games.
John Baby, CEO, Funskool India, which is the licensed distributor of international brands such as
Hasbro, Tomy and Lego said, “Prices for imported toys could go up by 20-30 per cent. Though, it
will promote toy manufacturing in India. This could make some international toy companies to
look at local production especially in infant and pre-school toy segments.”
Because of the small size of the organized toys market in the country, international brands still
heavily rely on imports. As per the industry estimates, the organized toy market in terms of retail
sales value is about ₹2500-3000 crore. Even unorganized players also heavily depend on cheaper
Chinese imports.
In addition to hike in the custom duty, the government on September, 2017 had notified new
standards for toys making it mandatory for all imported toys to be tested locally and comply with
standards prescribed by Bureau of Indian Standards.
Therefore, it is preferable for International brands like Lego to collaborate with domestic
companies or set up their own manufacturing unit in India, instead of importing from foreign
countries.
Economic Challenges
Despite the massive population of the country, the 1.3 billion people represent only 0.5% of the
global toy market, making it disproportionately small. The reasons for that are first, the paucity
of toy stores, the good quality ones, that is. Indian market is inundated with Chinese toys, with
cheap plastics, and lack imagination. These are low quality, fake and sold at a fraction of the
original ones. This has undercut the Indian home-grown toys, whose shops are either shut down
or scaled-down. Hamleys, acquired by Reliance Retail in May 2019, and Crossword are the only
serious retailers in the country. Secondly, ‘retailers are not serious about the way they want to
sell toys’, as per the Retailers Association of India. The home-grown toys constitute a minute
share of the organized toy industry, which is dominated by international brands like Mattel and
Fischer Price. These import their toys, further inflating the price. Thirdly, the average Indian
doesn’t consider toy as a value-addition investment, rather than something for their child to buy
peace for themselves, to keep children quiet. This also hurts sales. The older children, i.e greater
than eight years, have their attention diverted to screens and digital gaming rather than physical
toys, which has affected globally, leading the toymakers scampering to get that age group back.
Another factor pertaining to India is that good quality toys from global brands follow a
distributor-led model. They have no real presence here, like Walt Disney. Their merchandising
and licensing income is negligible in the country. Marvel, of Disney, has different partners with,
rather than having a single one, which further dilutes their collection.
Lego has an incredible opportunity to leverage its global brand and enter India fully. Till now,
they have sold their toys via distributors. Setting up offices and manufacturing bases in India can
give a much-needed impetus to the Indian toy market, reeling under stagnation. They can take
advantage of the Make in India scheme, under which they will enjoy various benefits in the form
of land, tax and other intangible ones that will be lucrative and decrease costs and the prices,
reaching to more of the market. This will also decrease the Chinese imports and dependency,
which the government would always welcome. Their use of high-quality plastic, which is not toxic,
unlike the Chinese one, will be well appreciated. Apart from the lucrative economic indicators
such as cheap labour, giving jobs to a variety of spectrum of people, their toys present a much
more challenging and complex problem to children, which will stimulate their brain and lead to
much-needed change in mentality of their parents, leading to improvement in happiness index,
where India languishes in 140th rank, below our neighbors. This move may well make children
grow up to be a more sensible demographic than their parents, more tolerant and an all-round
better person.
Demographic challenges:
The demographic challenges faced by the toy Industry is divided into two zones.
1. Break up by age group:
The consumer of these market in different than the buyers. The buyers denote to the parents or
gift purchasers and the consumers are known to be the children. Thus, the decision-making
criteria depends on the age group of the consumers i.e. children.
In this case the age group is also divided into three segments i.e.
1. Pre-school kids
2. Primary school Kids
3. Secondary school kids

Pre-school Kids: Kids of these segment is generally considered between the age of 2-5. The factors
that are considered while buying toys for this segment are

 Safety
 Aesthetically pleasing and attractive
 Learning aid toys
 Large and soundful toys

Primary school kids: The age group of this segment is 5-10. In this segment, the consumers
indulge themselves in decision making by influecing the buyer. Factors considered for this
segment are

 Learning aid toys

 Technologically advanced toys
 Size, shape, look and gender of the toy is also considered
 Super heroes or fictional characters are also preferred

Secondary school kids: The age group of this segment is 10 & above. In this segment, the
consumers act as the decision makers. Factors considered for this segment are
  Technologically advanced toys
 Super heroes or fictional characters are preferred more
 Cost factor (expensive toys attracts more buyers in this segment)

2. Break up by genders:
In toy industry the gender-based toy predisposes the market behaviour and the sales also, more
in Indian market. In India, we are seeing a decline in sale of dolls; girls are more interested in do-
it-yourself kits and role play, that has become far more important than dolls and Ninety per cent
of boys’ toys are battery-operated or remote-controlled. In fact, the fastest and number one
category till the government banned it, was drone, said by Gudjon Reynisson, CEO of the iconic
256-yr-old toy store chain Hamley.

The ratio of girl as the consumer in comparison to the boy is quite less. The girls from the middle-
class family or beyond can’t afford the fictional character soft toys, whose market rate is quite
expensive than the DIY toys. And after a certain age girl usually boycott themselves from this
market. In other hand, the fictional character toys are available for all class of the society at a
convenient rate. Even in the plus category, maximum number of boys continues to be the
consumer of such markets, as the option of board games (monopoly, business etc), card games
(poker etc), play station portable (psp) and many more keeps them enticed.

In current scenario, there is a lot of talk about breaking the gender stereotypes in the toy
Industry. Based on gender, unisex toys are trying to dominate the Indian toys market, aiming to
account for the majority of the overall market share.

Infrastructure challenges
Lego’s manufacturing facilities occupy a vast space. Their factory in Mexico has a size of 150,000
square meters, and will more than double by 2022. This is one of the two manufacturing plants
in Mexico. Lego owns some of the plants and uses some of them (but doesn’t own) to make their
products. Most recently, they have opened one in Jiaxing, China. To cater to the EU, they have
set up plants in Denmark (HQ), Hungary and the Czech Republic. In Denmark, 36,000 Lego pieces
are produced per minute or 36 billion per year. This is to signify the efficiency required to produce
a variety of complex pieces. To attain that maximum efficacy, there needs to be adequate land,
uninterrupted water and electricity supply, and other ancillary factors. In an emerging market
such as India, these factors are seldom available, and even if they are, getting them promptly can
face a wall of resistance, as evidenced in our dismal 77th rank in Ease of Doing Business published
by World Bank. The amount of red tape, slow-moving of files, inefficient regulatory frameworks,
corrupt officials all put an impediment in acquiring world-class infrastructural facilities. These
institutional voids always hamper the entry of global corporations, which have the ability to have
a spillover effect that can benefit related industries, contributing to the development of the
economy.
There is cause for optimism, though, as Lego can be considered as a magician, from the
perspective of the government. If that is the case, Lego will have significantly fewer hurdles to
cross, given they will be boon to the country, the relevant authorities can be directed process
their path to opening a plant fairly easily. The spillover effect achieved, should this successfully
happen, will be large and help the stakeholders and possibly form new, related clusters of
development.

Communication Infrastructure challenges:

One of the biggest hurdles in the toy industry is the size of the market and the lack of awareness
about toys. Most of the parents in India have never been exposed to branded toys and the little
history for toys in India leads to obstruction in sales.
“The biggest toy retail chain in India must have a maximum of 150 stores in the country,”
Harsheel Jain of Karma Solutions, a Mumbai-based toy importer explained. “Just getting the toys
to the customers is a big challenge here.”
Because of the low number of outlets, many manufacturers have started selling online. There is
no other choice for many retailers. A lot of investment is required to reach more customers.
In the other hand Toy distribution is expanding in Tier II-III cities. E-commerce sites like Amazon
and Flipkart have also made it easier for people to buy toys that were not available in the normal
distribution set-up in these cities. Almost 15-20 per cent organized toy sales are coming from e-
commerce platforms.

TARGET MARKET
Indian toy industry is an important market for domestic and international players, the
penetration rate is 0.5%, which is very low. The global share of Indian toy industry is 0.5%. The
growth rate of Indian toy market is approximately 20%. Less than 20% of the Indian market is
served by in house manufacturers and the rest of the market is catered by the international
players.
The target market for the toy companies in India is middle class and upper income group. The
target market for Lego in India comprises of
1. Parents
  Purchase behavior is triggered by the child’s presence
 If kids are present, the choice is based on kids’ preferences
 If the child is not present, parents are most likely to choose educational toys
 Less preferences between Indian and International toys
 Price is more important
2. Gift Purchasers
 Takes the salesperson’s preference for buying
 Occasional purchase of toys
 Take the best selling toys as preferred by the salesperson
3. Kids
 They want to spend their weekly or monthly pocket-money
 Attracted towards different features of the toys
 Want a particular type of toy

4. B2B Customers
 Schools who buy for kids in Montessori to fifth standard
 Theme parks
 Bulk purchase is made
 Toys are bought from local or authorized dealers depend on the size of purchase

OPERATIONS
Strategy in India to be followed will be of Transnational, where there will be high pressure for
localization and high pressure for cost reduction. We will follow a Franchise based model to enter
India. Currently Lego is operating on distributor’s based model, where it sells its products through
distributors such as Funskool. But our strategy is to begin a franchise model in India, where Lego
will have its stores exclusively in India.
Why Franchise model?
The franchisee has better knowledge of market conditions and is better equipped to solve local
issues. The model has worked well for Funskool and other organized toy industry players.
Standardization of the product will happen in Jiaxing toy factory in Shanghai, China.
Current situation:
In India, Chinese toys are selling for 25-50% cheaper than Indian counterparts, hence the
retailers/ distributors are also pushing these products to the customers. They get huge margins
on Chinese toys.
We are also planning to reduce our prices to suit the Indian market. To achieve the same, we
have to take the advantage economies of scale available in China.
Jiaxing (Jiangyin) port, China to Chennai, India port
LEGO has a factory in Jiaxing, China which was established with the motive of selling the toys
manufactured in that factory, across Asia. Jiaxing has a locational advantage when it comes to
sea route. Its located on the banks of East China sea. The cost of shipping the toys to India,
through Ship will be much lower compared to air shipping or by road. Hence we have come to a
decision to ship the toys from Jiaxing port to Chennai port via ship.
The total distance between the ports is: 5397 nm (nautical miles)
Total Days at sea: 22.5
The route will include: Port of Jiangyin, China -> Hangzhou Bay -> Philippine Sea -> South China
Sea -> Strait Of Malacca -> Andaman Sea -> Indian Ocean -> Laccadive Sea -> Arabian Sea -> Port
of Mumbai, India
To find out how much will it cost to ship toys for one store: (Approx.)
Total number of toys a store can contain: 1000
Average number of bricks per toy: 500
Total number of bricks per store: 500*1000 = 500000
Weight of each brick: 1.152 grams
Total weight of all the bricks in store: 1.152*500000 = 576000 grams => 1270 pounds
Avg cost to produce one Lego brick: 10.4 cents
Total cost to produce the bricks: 10.4*500000 = 5200000 cents = 52000 USD
To ship the contents worth 52000 USD from China to India via sea route: $500 (approx.)
We can see that the same contents coming to Chennai are expensive compared to Mumbai.
Hence we will choose Mumbai as a port to deliver our items.
Once the consignment reaches Mumbai we have to ship it to Pune. According to National
productivity council the growth rate of organized sectors of toy manufacturers is 15-20%. This
growth rate is recorded in the cities of Ahmadabad, Pune, Hyderabad and Bangalore. Since we
are bringing the shipment through sea route and Mumbai is the cheapest destination in India,
we chose the city of Pune (nearest city to Mumbai).
The cost of having a truck from Mumbai to Pune is 1026/ Ton
We have 1270 pounds which is equal to .6 tonnes. Hence total cost comes around: Rs. 700 that’s
equal to $10
Franchise Model:
A franchise business is owned by an individual or a group, offering a product or service labelled
by another corporation that provides assistance in every aspect of the business, in return for a
combination of a flat fee, plus fees based on profits or sales.
Hence we will be looking for a franchisee in Pune for one store, to begin with. We will have a
40:60 profit sharing model, with 60 being given to owner of the franchisee. Based on market
survey by Televisory, the EBIT margins in the toy industry has been around 15%.

We are making the sales assumptions based on competition’s (Funskool) revenue in India.
Funskool has a total annual revenue of Rs. 150 Cr with the presence of 20 stores across the
country. Hence that makes an average revenue of Rs. 7.5 Cr per store. Funskool operates most
of its stores through franchise based model, and this revenue is, the sum after the deduction of
the franchise revenue.
Hence we assume that Lego store revenue in a prime location in Pune would earn a revenue of
at least Rs. 7Cr per annum. The sales of organized toy sector in India is growing with a rate of 25%
per annum, according to National productivity council. Following is the projection of sales.
Sales projections:
These projections of sales are for one store, opened in Pune.

For one store (in Rs

Cr)
FY 2019- FY 2020- FY 2021-
Particulars 20 21 22
Sales 7 8.75 10.94
Operating
Margin 15% 15% 15%
EBIT 1.05 1.31 1.64
Tax (@34%) 34% 34% 34%
Net Income 0.36 0.45 0.56

As we can see that net profit of the store is positive, hence we can say that the business is viable.
Other expenses:
Travel (to and fro from China to Pune): Rs. 44787
Lodging expenses (4 night hotel stay): Rs. 8756
Rental car 4 days (Zoomcar): Rs. 12652
Total expenses incurred: Rs. 66195
ENTRY BARRIERS

 The Indian toy market is dominated by Chinese toys which are 25% to 30% cheaper than other
brands, large margins to retailers plus no MRP so they can mark up the price
 Imitators are in abundance; local and Chinese players copy bestselling toys and then they fill
the market with cheap options
 More inclination towards mobile and computer games
ENTRY MODE
A mode of entry into an international market is the channel which any organization use to gain
access to a new international market.
There are different internal and external factors that affect entry mode decision, entry mode is
very important as it decides whether a company will be successful in the long run or it had to
withdraw from a country.
Preference of kids for different types of toys
The different factors are:

 market factors (Target market)

 environmental factors (Target market)
 production factors (Target market)
 Home country factors
 Company product factors
 Company Resource and commitment factors
Types of entry modes
1. Franchising: It is a contractual agreement where a wholesaler or retailer (the Franchisee)
agrees to give payment and to meet the operating requirements of a manufacturer or
other franchiser in exchange for the right to use the company’s name and market its
goods or services. Examples include Dominos Pizza, Coffee Republic and McDonald's
Restaurants
2. Licensing: It is an agreement that gives foreign marketers the right to distribute a firm’s
products or to use its trademark, patent, or process in a specific area.
3. Subcontracting: It is a contractual agreement where a firm hires a native company to
produce goods or services in a particular geographic area.
4. Foreign Direct Investment: The direct ownership of amenities in the target country. It
involves the transfer of resources, which also includes capital, technology, and personnel.
5. Strategic Alliances (SA): Strategic alliances is a term that describes a bunch of different
relationships between companies that operates globally. Sometimes the relationships
are between competitors.
6. Joint Ventures: it is equity-based i.e. A new company is founded with parties owning a
part of the new business. There are different reasons why companies set up Joint
Ventures to help them to enter a new international market:
• Access to technology, core competences or management skills.
• To get entry into a foreign market. For example, any business wishing to enter India needs to
source local Indian partners.
• Access to distribution channels, manufacturing and R&D are the most common forms of Joint
Venture.

ADVANTAGES AND DISADVANTAGES OF DIFFERENT ENTRY MODES

FRANCHISING:

Advantages-
Low financial risk, Low-cost measures to assess market capacity, avoid tariffs, NTBs, restrictions
on foreign investment Maintain more control than with licensing, Franchisee provides knowledge
of the local market.
Disadvantages-
Less market opportunities/profits, more dependence on franchisee, conflicts with
franchisee, possibility of creating future competitors.

LICENSING:

Advantages- Low financial risks, Low-cost way to assess market potential, avoid tariffs, NTBs,
restrictions on foreign investment Maintain more control than with licensing, Franchisee
provides knowledge of local market.
Disadvantages- Limited market opportunities/profits, dependence on the licensee, potential
conflicts with licensee, possibility of creating a future competitor

SUBCONTRACTING:

Advantages- Low financial risks, minimize resources devoted to manufacturing, Focus firm’s
resources on other elements of the value chain
Disadvantages- Reduced control (may affect quality, delivery schedules, etc.), Reduce learning
potential, Potential public relations problems

FOREIGN DIRECT INVESTMENT:

Advantages- Best site, modern facilities, economic development incentives

Disadvantages- Huge time and patience requirement , Expensive, follow up with local and
national regulation, Local workforce needed, strongly perceived as a foreign worker

STRATEGIC ALLIANCES (SA):

Advantages- competitive advantage through access to a partner’s resources, which includes
markets, technologies, capital and people. Fast product introduction, low manufacturing costs.
Disadvantages- Financial inequality, clash of corporate cultures, loss of operational control and
threats to confidentiality of proprietary information and technology.
JOINT VENTURES:

Advantages- Benefit from the local partner’s knowledge, Shared costs/risks with a partner,
Reduced political risk.
Disadvantages- Risk giving control of technology to partner, May not realize location economies,
Shared ownership can lead to conflict.

Which option would be best for Lego?

In India there are four major players in the toys market, Funskool, Mattel, Ok play, Reliance retail
toys, Zephyr toys. Funskool is a Joint Venture between MRF and Hasbro, Reliance recently
acquired UK based toy company Hamleys, which have a high Global presence, in our opinion Lego
should go with franchise model.

MARKETING CAMPAIGN
“We have a big portfolio with many different products, but we have one brand. Really
understanding the interaction between all the different products and the brand and
understanding where our audience is means starting with the kids and what they are into, and
with the parents and what occasions are relevant”, says Julia Goldin, Global CMO of Lego.
Lego has recently opted for a global strategy after reviewing its media strategy. Lego’s marketing
mix is what differentiates it from its competitors. Let us have a brief look at their marketing mix,
i.e. 4P’s of Lego.
1. Product
Being one of the biggest block toy brands in the world, the marketing mix of Lego consists
of a wide range of products and services which serve to a large audience ranging from
kids to adults. Video games, board games, books and magazines and films and televisions
have a major component in the marketing mix of Lego.
2. Price:
Lego toys are majorly targeted to kids or middle and upper-class families. Because they
use premium quality material and put in a lot of precision in making the toys which then
undergo rigorous quality checks, the price of Lego toys is slightly high. At the same time,
they do not price their product very heavily also as they want its customers to afford high
quality toys.
3. Place:
 Lego toys are available at retail stores as well as e-commerce sites like Amazon and eBay.
In addition to this, to increase their market reach, Lego toys are also available at movie
theatres, amusement parks and popular departmental stores and toy stores.
4. Promotion:
Lego has adopted a mix of conventional promotional methods as well as unique
marketing strategies to promote its products. After their initial launch consisting of just
plastic bricks and figurines, Lego introduced and attached themes to the Lego sets, and
expanded much beyond just toys and play. They offer various merchandise on their
official websites and also provide many privileges to its premium account holders. To keep
its corporate customers engaged, they also organise competitions like “Lego Serious Play”
to challenge the creative thinking of the team members.
The above mentioned marketing mix has helped Lego achieve its objectives over the years and it
would be helpful in making a name for them in India as well with necessary modifications. Lego
has always tried to be creative and unique in its promotion strategies. For example, in 2017, they
launched year-long campaign #LegoBuildAmazing to highlight a different route to a child’s
success in the world. This campaign promoted freedom to explore, imagine and create amongst
children and aimed to show parents the positives of nurturing a creative mind and how that could
help builders of tomorrow make a mark in the world.

Lego aims to inspire children to think creatively and unleash their future potential for success. To
accomplish this aim, Lego can start a campaign called #LegoOutOfTheBox in India to engage its
target audience and motivate them to break through the monotony and come up with “Out Of
the Box” ideas. To support this campaign, Lego can organize a series of events in various malls
different cities where children will get an opportunity to showcase their boundless imagination
and enjoy their imaginative creations. These events can also include workshops conducted by
adult Lego builders who can guide kids in building their own Lego creations. This will not only
help children and their parents to explore their creative minds but would also help Lego attract
its target customers and have a memorable impact on their minds to retain them for a long
period. They can also resort to social media where they shall use #LegoOutOfTheBox to promote
their campaign to make sure their messages reach the maximum number of people and ensure
good participation in their events.
To make its presence felt, Lego also came up with the idea of theme parks named Legoland
Amusement Park. As of now, there are seven such amusement parks in the world. They can set
up a similar theme based sections in the gaming and kid’s zones in different malls. This will help
Lego successfully attract its target customers. Children usually are not very patient while
shopping which becomes a problem for parents. Nowadays parents drop their children in the
gaming and play zones in the mall and then continue with their shopping. Such areas give
assurance to parents that their kid will be safe and not bored while they shop. If Lego comes up
with a theme based play zone for kids in malls, it will be really helpful in spreading awareness
about its products and services.

Lego uses it building blocks in huge numbers to build life-seized figurines in malls. This technique
is helpful gaining customer attraction in plain sight. Malls attract a large number of people on
daily basis. Since Lego’s main target segment is kids and middle and upper-class segment, Lego
can build such figurines in Indian malls as well to reach out to a large segment of its target
customers at the same time. This would be a cost-efficient method because of this reason. Also,
it would be easier to gain attention if the size of the figurines is big enough to be spotted from a
distance. To facilitate on the spot sales, they can put up a small stall near the figurine with a
collection of Lego toys. The basic block sets of Lego can be kept unpacked so that kids can try
playing with them before the actual sales.

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http://www.npcindia.gov.in/wp-content/uploads/2014/07/Research-Report-Toy-Industry-ES-HQ.pdf
https://www.trukky.com/mumbai-to-pune

https://benchmark.televisory.com/widget/blogs/-/blogs/games-and-toys-not-any-more-child-s-play

https://www.business-standard.com/article/management/funskool-raises-its-game-
115090101294_1.html