Hopscotch, the Mumbai based babycare and kids products etailer, has raised $11 million in a Series B round of funding led by Facebook co-founder Eduardo Saverin and Los Angeles headquartered early stage investor Velos Capital.
Other investors in the latest round of funding include Rise Capital, Jabbar Internet Group along with existing investors Toivo Annus and LionRock Capital.
"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 calibre of Hopscotch.in. The company’s early track record in the large and growing Indian e-commerce market combined with team’s experience, energy and vision makes this an intriguing investment opportunity," Mr. Savemand, who will join the company’s board as an observer, said in a statement.
Hopscotch, which sells products for infants and kids, will use the funds primarily to build operational capacity and technology, which would expand its product and service offering. Hopscotch websitie features over 1,000 local and international brands across multiple product categories, including apparel, shoes, toys and accessories.
"The latest round of funding will enable us to ramp up marketing, add more product categories and build out the senior management team," said Hopscotch founder and CEO Rahul Anand.
The investment in Hopscotch marks Facebook's co-founder Saverin and Velos Partners' debut investment in India. Singapore-based Saverin, whose net worth at the time of the 2012 Facebook IPO was estimated at $4.2 billion, has been a prolific angel investor in technology startups in Southeast Asia and North America over the past few years.
Mumbai-based Hopscotch has already been backed by Adi Godrej’s younger daughter Nisaba Godrej (in her personal capacity), Skype co-founder Toivo Annus and Singapore-based LionRock Capital.
Advertisements