Online baby products store, Hopscotch announced the acquisition of school supplies e-tailer SkoolShop, in a stock and cash deal. The acquisition would help expand Hopscotch increase its customer base and also give it a larger vendor base.
Online baby products store, Hopscotch announced the acquisition of school supplies e-tailer SkoolShop, in a stock and cash deal. The acquisition would help expand Hopscotch increase its customer base and also give it a larger vendor base.
The Nisa Godrej backed start-up has Google's Rajan Anandan and former Microsoft Regional Director Jaspreet Bindra as angel investors. Hopscotch, co-founded by two former Diapers.com executives Rahul Anand and Lisa Kennedy, sells curated merchandise to mothers using the time-limited flash sales model. Headquartered in Mumbai with an office in New York, it offers product from a current list of 400-odd niche international and domestic brands.
"We found a lot of synergies between the two companies. The acquisition will help expand our customer base rapidly and also give us a larger vendor base," said Rahul Anand, Co-Founder, Hopscotch.
SkoolShop was co-founded by Harvard Business School alumni’s Satya Raghavan and Anusha Mahalingam. Raghavan is leaving to further his entrepreneurial interests, while Mahalingam will join the Hopscotch leadership to help lead the business development function. The company sells education and school related products. As per reports, the firm estimates to earn revenue of Rs 25 crore in FY15.
According to a CRISIL report, the online retailing is projected to reach Rs 50,000 crore industry by 2016.
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