Image credit: Jagmeet Singh/TechCrunch
hopscotchIndian brand offering fashion wear for kids raises $20 million in Amazon-led funding round amid ongoing market downturn and funding shortages that have hit young businesses in South Asian country bottom.
Existing investors including IIFL Seed Venture Fund, RPG Ventures, Lionrock and Techpro Ventures also participated in the Mumbai-based startup’s Series E funding round. Facebook co-founder Eduardo Saverin also invested in the round, the company said.
Founded in 2015, Hopscotch competes with the likes of FirstCry, BabyHug and MamaEarth for its wide-ranging collection of children’s fashion clothing and accessories. While the start-up has become popular on various online marketplaces, the eponymous app now has around 700,000 monthly active users, according to sensor his tower data shared by industry executives. It’s not too much.
“Hopscotch is the go-to digital brand for parents who want their kids to look stylish on any day or special occasion,” Hopscotch founder and CEO Rahul Anand said in a prepared statement. . “This investment will allow us to invest in marketing, broaden our options, and enable more customers to express their unique sense of style.”
Hopscotch plans to use the new funding to expand its offerings and approach the latest trends in children’s fashion. The startup has raised $70 million to date, according to data insight platform Tracxn.
“Hopscotch has a strong brand memory in the kids category,” said Pritam N., corporate development director at Amazon, in a statement. Founder Rahul and his management team are passionate about building the brand. We’ve been impressed with what they’ve done so far.”
In April 2021, Amazon announced its investment plans. $250 million for Indian startups Through a new vehicle called the Amazon Smbhav Venture Fund. The US giant has since backed startups such as fintech platform M1xcharge, online fresh meat startup FreshToHome, and men’s innerwear brand XYXX.