Mumbai: MadRat Games Pvt. Ltd, a Bangalore-based toys and games maker on Thursday said it had raised $1 million from Sachin and Binny Bansal, founders of Flipkart, Pine Labs Pvt. Ltd and GlobalLogic India Pvt. Ltd. In 2012, the company had raised funding from Blume Ventures and First Light Ventures.

The news was first reported by The Economic Times on Thursday.

Sachin Bansal, co-founder of Flipkart, said in a statement that innovation is at the core of MadRat’s approach to disrupting the market. In addition, the team has a strong competitive advantage in the industry. “The whole industry is likely to benefit from this disruption," he added.

MadRat will use the funds for branding and marketing initiatives and expansion. The company was founded in 2010, sold over 275,000 units and partnered with the central government in original game development. It has launched over 70 game titles in the last year. The company’s flagship product is Aksharit—an Indian version of Scrabble that has reached 3,000 schools in a year-and-a-half through four state government partnerships. Also, digital versions have been launched in partnership with Nokia Oyj, Intel Corp. (AppUp store) and Google Inc.

“The big global players dump age-old products in the country and the small local players sell cheap replicas. The game form factors have not changed, there is absolutely no use of new technologies and the focus on learning is extremely low. Hence, a huge potential of game-based learning market has remained untapped," said Rajat Dhariwal, chief executive officer with MadRat Games, in a statement.

According to a study by Euromonitor International Pte Ltd, spending on toys and games in India is set to grow 157% between 2009 and 2014, much faster than other Asian countries such as China (84%), Taiwan (35%), South Korea (33.1%) and Singapore (17.2%).