Mumbai: Online baby clothes and products company Hit The Mark Inc., which owns and operates as Hopscotch.in, said on Monday that it has raised $13 million in a Series C round of funding led by Facebook co-founder Eduardo Saverin. Saverin Family Office will join the Hopscotch board and work closely with the management team.
The company raised $11 million in 2015.
The company, which was founded in 2012 by Rahul Anand and Lisa Kennedy, is looking to use the funds for its growth, hiring and expansion in technology. “I am very excited to support the team with this investment, and continue to be closely involved with building the company’s vision and strategy. Hopscotch is taking a customer focused approach and as a result seeing record high customer retention," said Saverin in a statement.
The kids e-tail sector saw some activity last year. While Accel Partners and Tiger Global-backed baby care products e-tailer BabyOye was acquired by Mahindra Group in February last year, FirstCry (Brainbees Solutions Pvt. Ltd) raised $10 million in a round led by venture capital firm New Enterprise Associates (NEA) and San Francisco-based Valiant Capital in April.
While competitors like BabyOye and FirstCry have taken a combination of online and offline approach to growth, Hopscotch is betting big on being an online brand only. The company says its revenue has grown 700% year-on-year.