Hopscotch raises $13M from Facebook co-founder Eduardo Saverin, others
Hit The Mark Inc., which runs Mumbai-based curated baby and kids products flash sales site Hopscotch.in, has raised $13 million (around Rs 89 crore) in Series C funding led by Facebook co-founder Eduardo Saverin.
Hopscotch.in is Saverin's first direct investment in India.
"We are excited to have Eduardo Saverin on our board, who will work in tandem with us. With invaluable insights and experience, it is reassuring to have him as an investor,'' Rahul Anand, founder and CEO of Hopscotch.in, said in a statement.
The funds raised will be utilised for expanding its technology platform.
The company had last year secured $11 million in its Series B round of funding led by Saverin's VC fund Velos Partners. The round also saw participation from US-based Rise Capital, Middle East-based Jabbar Internet Group, and existing investors Singapore-based Lionrock Capital and Skype co-founder Toivo Annus.
The development was first reported by The Economic Times.
Hopscotch was founded by Rahul Anand and Lisa Kennedy in 2012. Anand holds an MBA from Harvard Business School and a BS in Mechanical Engineering from University of Michigan. Prior to setting up the startup, Anand was director of Diapers.com, which was acquired by Amazon in 2011. Earlier, he had worked at companies such as Skanan Ltd, Dell, Optiant and Honeywell Aerospace. An MBA from Harvard Business School, Kennedy earlier worked at Quidsi Inc., Time Inc., Diageo, and Goldman Sachs.
The company had recently made some top-level appointments and hired Shyam Seshadri as head of engineering, Nathan Stanton as head of design, Rachel Steinberg as senior product manager and RV Krishna as senior product designer.
A discovery-based e-commerce destination, the Hopscotch platform has over 3,000 local and international brands across multiple product categories including apparel, shoes, toys and accessories.