Mumbai: Online kids’ fashion brand ‘Hopscotch’ has raised $25 million from Facebook co-founder Eduardo Saverin’s investment arm EE Capital, Lionrock Capital, Rise Capital, RPG Ventures and IIFL Seed Ventures Fund.
The Mumbai based startup had last raised $13 million led by Eduardo Saverin in February 2016. The latest round also saw participation from angel investors including co-founder of Diapers.com, Wei Yan and others. Now, Yan is a partner at Rise Capital. The eight-year-old firm plans to move its brand beyond its own platform to other marketplaces. As per the report, the company has already started to promote its brand on Amazon India.
Last year, e-commerce giants Amazon and Flipkart were in talks with Hopscotch to acquire a minority interest in the company. However, the talks didn’t materialize for some reason. Founded by Diapers.com’s former director Rahul Anand, Hopscotch focuses on kids lifestyle products that offer significantly higher margins and bigger basket size. Since its beginning, Hopscotch has had 3 million mothers transacting on the platform. The company further claims to record a majority of its revenue from repeat customers and it launches 400 styles every day.
Hopscotch is one of the oldest in kid’s fashion space and competes with others like FirstCry, Lilliput, Giny & Jony etc. Earlier, FirstCry became the first unicorn in the segment after raising a $300 million round from SoftBank. In 2016, FirstCry had acquired Mahindra’s baby care franchisee BabyOye’s for Rs 362 crore.
Post Your Comments