Facebook co-founder Eduardo Saverin, along with Velos Partners, has led $11 million Series B fund raising by Hit the Mark Inc, holding company of Hopscotch.in.
“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.in. The company’s early track record in the large and growing Indian e-commerce market combined with team’s experience, energy and vision makes this an intriguing investment opportunity,” Mr. Saverin, who will join the company’s board as an observer, said in a statement.
The company, which sells products for infants and kids, will use the funds primarily to build operational capacity and technology, which would expand its product and service offering.
Hopscotch said its site features over 1,000 local and international brands across multiple product categories, including apparel, shoes, toys and accessories.
Existing investors Hopscotch has already been backed by Adi Godrej’s younger daughter Nisaba Godrej (in her personal capacity), Skype co-founder Toivo Annus and Singapore-based LionRock Capital.
Other investors in the latest round of funding include Rise Capital, Jabbar Internet Group along with existing investors Toivo Annus and LionRock Capital, the company said .
“About $1 million came from the existing investors,” Rahul Anand, co-founder and CEO, Hopscotch said. He noted that the company had grown 700 per cent in the last calendar year, and was looking to achieve Rs.600 crore in gross sales in the next four years. The company has so far raised $15 million. As a part of the deal Smarat Ganguly, co-founder and Managing Partner of Velos Partners will also join the board.
