New York headquartered Hit the Mark which operates online kid’s clothing label Hopscotch, has raised $25 million in an investment round led by Singapore headquartered private equity firm, EE Capital.
Returning investors IIFL Seed Ventures Fund I, RPG Ventures, Techpro Ventures, LionRock Capital and Rise Capital also participated in the undisclosed round, according to data sourced from VCCEdge.
The news was first reported by the Economic Times.
The company last raised equity capital in 2016 in a $33 million Series C round of funding from IIFL Seed Ventures Fund, Techpro Ventures and RPG Ventures, apart from returning investors Velos Partners and co-founder of Facebook, Eduardo Saverin.
Founded in 2011 by former Diapers.com director Rahul Anand, Hopscotch started with a flash sale model for curated collections of children’s clothing. It later added home decor and games for kids.
Hopscotch competes with mother and baby care products retailer FirstCry which became the first Indian unicorn in the category in February with a $300 million investment from SoftBank.
The babycare market in India has a fragmented retail presence, giving FirstCry’s omni-channel strategy an edge. Mahindra & Mahindra owned BabyOye was also acquired by FirstCry in 2016. The current user base is distributed across pharmacies, multi brand outlets and ecommerce platforms.
Digital brands in the babycare segment have seen increased investor interest due to the focus on online-first and direct-to-consumer brands. Recently, kids clothing brand Cub McPaws raised an undisclosed round from an investor syndicate. In January Sequoia Capital led a $18 million round in baby and maternity care brand of cosmetics, Mamaearth.