Online kids’ style brand Hopscotch has raised $25 million in what seems to be Series D spherical from Facebook co-founder Eduardo Saverin’s funding arm EE Capital, Lionrock Capital, Rise Capital, RPG Ventures and IIFL Seed Ventures Fund.
The Mumbai and New York-primarily based startup had last raised $13 million in Series C spherical led through Eduardo Saverin in February 2016.
According to an ET report, the today’s spherical additionally noticed participation from angel investors such as co-founding father of Diapers.com, Wei Yan and others. Currently, Yan is a associate at Rise Capital.
With the fresh spherical, the eight-year-old corporation plans to transport its brand beyond its own platform to different marketplaces. As in keeping with the report, the agency has already began out to sell its brand on Amazon India.
Last year, e-commerce giants Amazon and Flipkart had been reportedly in talks with Hopscotch to accumulate a minority stake in the agency. However, the talks didn’t materialize for a few unknown reasons.
Founded through Diapers.com’s former director Rahul Anand, Hopscotch makes a speciality of kids-focused lifestyle merchandise that provide notably higher margins and larger basket size. According to Anand, the agency sells 2.5 units in keeping with shipment with an average basket size of Rs 1,500 and it helped the agency to show its losses into EBITA profitability.
Since its inception, Hopscotch has garnered three million moms transacting at the platform. The agency similarly claims to report a majority of its sales from repeat clients and it launches four hundred styles each day.
Hopscotch is one of the oldest players in kid’s style space and competes with deep-pocketed FirstCry, Lilliput, Giny & Jony amongst others. Earlier this year, FirstCry have become the primary unicorn in the phase after elevating a $300 million spherical from SoftBank. In 2016, FirstCry had obtained Mahindra’s child care franchisee BabyOye’s for Rs 362 crore.
