Mumbai Based Hopscotch Raises $11 Million In Second Round Funding

Mumbai based babycare and kids product website Hopscotch has raised $11 million in second round funding led by Facebook co-founder Eduardo Saverin and Los Angeles headquartered early stage investor Velos Capital. Apart from Saverin and Velos Partners, other investors in this round include Rise Capital, Jabbar Internet Group and existing investors LionRock Capital and Skype co-founder Tovio Annus.
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The funds will be used to increase marketing activities, grow product categories and setup a senior management team.
This is Eduardo Saverin’s first investment in India. Saverin is among the five co-founders of Facebook and has less than 5% share in the social network but has a net worth of $4.2 billion. He is also a serial investor in early-stage startups. Saverin is also a member of the advisory board at Velos Partners, which primarily invests in consumer and technology companies.
Hopscotch is different from other babycare etailers as their inventory is claimed to be selected from styles around the globe and work on a first-come-first-serve basis with limited stocks. The websites sells apparels, shoes and other goodies. Products are sourced from other vendors and sold through the website. Hopscotch had secured their first round of funding from Nisa Godrej and Marquee Investors. Hopscotch had also acquired school supplies startup Skoolshop.
Other major players in the kids and babycare segment are BabyOye and Firstcry. BabyOye and Hoopos had merged earlier in April 2013 and had raised $12 million in a round led by Helios Ventures. FirstCry had raised INR 92 Crores funding from Temasek Holdings, IDG Ventures & Saif Partners in Jan last year after which they were looking to open 50 new offline stores.
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