Hopscotch raises a $11 million series B round led by Facebook cofounder Eduardo Saverin and Velos Partners
Hit The Mark Inc., the parent company behind Hopscotch.in, an eCommerce portal for Indian moms, has successfully raised a $11 Million in a the series B investment round led by Facebook Co-Founder Eduardo Saverin and Velos Partners. So far they have raised a total funding to $15 million. Samrat Ganguly, a Co-Founder & Managing Partner of Velos Partners, will be joining the Board of Directors, while Eduardo Saverin will join the Board as an observer. Other investors in the Series B round include Rise Capital, Jabbar Internet Group, and existing investors Singapore-based Lionrock Capital and Skype Co-Founder Toivo Annus.
Hopscotch.in was launched in October 2012 by Rahul Anand and Lisa Kennedy, both of whom are Harvard Business School Alumni. Prior to starting Hopscotch they worked together in Diapers.com. Earlier this year the company acquired SkoolShop, An online school supplies retailer for B2C and B2B business, which had raised a round by Blume Ventures. Talking about the acquisition, Rahul Anand, Co-Founder and CEO of HopScotch, said, “We are fortunate to have partners who share our belief in creating the best Indian eCommerce destination. Our investors offer a tremendous wealth of insight and experience allowing us to develop an even more fulfilling experience for our customer.”
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Velos Partners is a global consumer growth capital investment firm with its investment focus mainly on retail innovation;, health and wellness, and luxury and entertainment. They have also invested in NJOY, Pong Research, Surf Air, Silvercar, Hampton Creek, and 99.co. Founded in 2013, Velo Partners is active in North America, Europe and Asia.
Eduardo Saverin, Co-Founder of Facebook, said “I have been actively following the Indian internet market and I am thrilled to make my first direct investment in India in a company of the caliber of Hopscotch.in. The company’s early track record in the large and growing Indian eCommerce market combined with the team’s experience, energy and vision makes this an intriguing investment opportunity. I look forward to working with the Hopscotch team in the months and years to come.”
Other players in this space include FirstCry and BabyOye. FirstCry raised $15 million earlier this year from Vertex Venture Management, a subsidiary of Singapore’s state run investment company Temasek Holdings. On the other hand BabyOye raised $12 million from Helion Venture Partners along with Accel Partners and Tiger Global. With a $3 billion retail market, the war is going to be tough and Hopscotch has a huge competition to face.