The company will use the funds primarily to build operational capacity and technology, to support growth initiatives and expand its product and service offering.
Mumbai-based Hopscotch.in, a leading discovery based e-commerce destination for parents, today announced that its holding company, Hit The Mark Inc., has successfully raised $11 million Series B financing round led by Facebook Co-Founder Eduardo Saverin and Velos Partners. This brings its total funding to $15 million.
The company will use the funds primarily to build operational capacity and technology, to support growth initiatives and expand its product and service offering. 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.
Launched in 2012, Hopscotch has become one of the foremost destinations for parents searching for unique and exciting merchandise for their children. Rahul Anand, Co-Founder and CEO, said "We have been able to transform the shopping experience by offering access to great merchandise at great prices in a great retail format. Every day at 9:30 am, the curtains rise and moms return to discover brands and products that are fun, fresh and exciting - things they can't find anywhere else."
Eduardo Saverin, Co-Founder, 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 calibre of Hopscotch. 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."
Velos Partners is a global consumer growth capital investment firm with offices in North America, Europe and Asia. Samrat Ganguly, a Co-Founder & Managing Partner, as well as the Head of Asia Pacific for the firm, said "in the over 15 years that I have been operating in Asia, including in India, Hopscotch stood out to me as a remarkable investment opportunity-bringing together Indian innovation, global best practices and the prospect for both significant domestic and regional growth, as well as expansion farther afield. I am incredibly excited to be working with the top-notch management team at Hopscotch."
Other investors in the Series B round include Rise Capital, Jabbar Internet Group, and existing investors Singapore-based Lionrock Capital and Skype Co-Founder ToivoAnnus.
"We are fortunate to have partners who share our belief in creating the best Indian e-commerce destination. Our investors offer a tremendous wealth of insight and experience allowing us to develop an even more fulfilling experience for our customers," said Anand.