Online baby products store Hopscotch which is currently owned by Hit The Mark Inc., is in advanced talks to raise about $20 million in a Series D funding round from a clutch of new and existing investors.
The company has received the commitment from new investor IIFL Seed Ventures Fund, a unit of IIFL Holdings Ltd. This was reported by two people on condition of anonymity by the Mint.
One of the two persons mentioned above said:
Most of the existing investors, including Velos Partners, have participated in the round. Hopscotch has got some good traction and there aren’t many competitors, which helped the company raise another round
Hopscotch was founded by Harvard Business School alumni Rahul Anand and Lisa Kennedy in November 2011. Hopscotch is an online store for baby and kids’ brands, including apparel, shoes, toys and books, and mom and maternity products.
Abhishek Goyal, co-founder at Tracxn, a start-up tracker said:
Baby care is a relatively small segment, but is expanding fast. There aren’t many offline businesses in this segment as well. Hence, there is ample opportunity to create a brand
Before setting up Hopscotch, Anand was the director of Diapers.com, which was acquired by Amazon in 2011. Earlier, he had worked at Skanan Ltd, Dell, Optiant and Honeywell Aerospace. An entrepreneur focused on e-commerce and digital and social media, Kennedy earlier worked at Quidsi Inc, Time Inc., and Diageo. She had also worked as a financial analyst (equity research) at Goldman Sachs.
Hopscotch sells apparel, storage units, shoes, toys, school bags, stationery and fashion accessories among others for children, having partnered with brands such as Campana, D’chica, Jaybee, Dress Up Dreams, Disney, Frangipani, Skiphop, Intex and Altius among others.
Apart from that, the start-up also sells kitchenware and home furnishings. Along with that, the company is aiming at expanding the domain of their products.
The company is in competition with some of the startups such as BabyOye, FirstCry, and others.