Baby products are a booming product category in Indian ecommerce. And word on the block is that baby products etailer Hopscotch has raised $11 million in funds from a group of investors including VC fund Velos Partners, led by Facebook co-founder Eduardo Saverin.
Rise Capital (US based) and Jabbar Internet Group (Middle east based) were also part of the group of investors, in addition to existing investors like Lionrock Capital (Singapore based) and Toivo Annus (co-founder of Skype).
Hopscotch is one from a small group of etailers looking to tap into the nascent baby care product category and capture as much of the market share as possible. The new round of funding will help them in fine-tuning their operational process and technology, while also widening the products and services offered.
The Board of Directors of Hopscotch will also see some small restructuring. Co-founder and managing partner of Velos Partners, Samrat Ganguly will be part of the board from now and Saverin will also be part of it as an observer.
“Hopscotch.in’s early track record in the large and growing Indian e-commerce market combined with the team’s experience, energy and vision makes this an interesting investment opportunity,” said Saverin.
“The company stood out to me as a remarkable investment opportunity- bringing together Indian innovation, global best practices and the prospect for both significant domestic growth, as well as international expansion,” Ganguly added.
After dwindling with her family business, into travel and hospitality, for more than 3 years, Pooja Vishant found her true love in writing. Happy-go-lucky and cheerful, she loves pink; so pink is the way to go if you want to get into her good books. The Associate Editor keeps track of even a leaf that has moved in the ecommerce world!
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