The Endearing Toymaker

With a focus on innovation and diversified product strategy, Pegasus Toy-Kraft is spreading cheer despite tough market conditions  

Soumik Kar

It is often said, when the going gets tough, the tough get going. This, perhaps, best sums up the entrepreneurial journey of Anuj Mehta and Shyam Makhija, the duo who founded Mumbai-based Pegasus Toy-Kraft in 2007. Makhija, who holds a PhD in organic chemistry, left his job as a research scientist at Searle India to scale up his family business in electronic equipment distribution. He then diversified into distributing toys and worked with companies such as Blow Plast (who sold toys under the Leo Mattel brand) and India Book House. However, his business suffered in the late 1990s when the bigger stores started bypassing him and went directly to the manufacturers.