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Hopscotch raises $13 mn from FB co-founder Saverin
01
Mar '16
Hit The Mark Inc., which runs Mumbai-based curated baby and kids products flash sales site Hopscotch.in, has raised $13 million (around Rs 89 crore) in Series C funding led by Facebook co-founder Eduardo Saverin.

Hopscotch.in is Saverin's first direct investment in India.

“We are excited to have Eduardo Saverin on our board, who will work in tandem with us. With invaluable insights and experience, it is reassuring to have him as an investor,'' Rahul Anand, founder and CEO of Hopscotch.in, said in a statement.

The company plans to utilise the funds to expand its technology platform and augment its customer base by adding products and features.

While the children's apparel market in India is pegged at Rs 95,000 crore (around $14 billion) and expanding at a compounded annual growth rate of about 20 per cent, it is still largely controlled by unbranded units.

Last year, Hopscotch secured $11 million in its Series B round of funding led by Saverin's VC fund Velos Partners. The round also saw participation from US-based Rise Capital, Middle East-based Jabbar Internet Group, and existing investors Singapore-based Lionrock Capital and Skype co-founder Toivo Annus.

Hopscotch was founded by Rahul Anand and Lisa Kennedy in 2012. Anand holds an MBA from Harvard Business School and a BS in Mechanical Engineering from University of Michigan. Prior to setting up the startup, Anand was director of Diapers.com, which was acquired by Amazon in 2011. Earlier, he had worked at companies such as Skanan Ltd, Dell, Optiant and Honeywell Aerospace. An MBA from Harvard Business School, Kennedy earlier worked at Quidsi Inc., Time Inc., Diageo, and Goldman Sachs.

Hopscotch recently made some top-level appointments and hired Shyam Seshadri as head of engineering, Nathan Stanton as head of design, Rachel Steinberg as senior product manager and RV Krishna as senior product designer.

Hopscotch targets mothers, offering a range of products, from apparel and shoes to toys and accessories. The Hopscotch platform has over 3,000 local and international brands across multiple product categories including apparel, shoes, toys and accessories. (SH)

Fibre2Fashion News Desk – India

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