Indian online fashion brand for kids, Hopscotch, has raised USD 25 million in fresh funding from EE Capital, Lionrock Capital, Rise Capital, RPG Ventures, and IIFL Seed Ventures.
Techpro Ventures, the family office of Atul Nishar, founder of Indian IT firm Hexaware, and existing angel investor, Weihua Yan, co-founder of Diapers.com and partner at Rise Capital, also participated in the round, said a report by local media Economic Times (ET).
The Mumbai-based startup also counts, Eduardo Saverin, co-founder and the first investor of Facebook Inc., and Toivo Annus, CTO and co-founder of Skype, as its backers.
Founded in 2012 by Harvard Business School alumni Rahul Anand and Lisa Kennedy, Hopscotch is an internet-first direct to consumer (D2C) clothing brand for kids upto the age of 10. The company also sells food and personal care items for children through third-party firms.
The company claims to have three million monthly active users, with the average order size of INR 1,500. According to Anand, founder and CEO, Hopscotch, in an interview with ET, the company is seeing mothers increasingly spend more to buy branded products for their children.
In fact, the company has switched from losses to EBITDA (earnings before interest, taxation, depreciation, and amortization) profitability, he added.
“We launch 400 styles every day, while most brands launch 800 a year,” said Anand. “Every minute, we sell two dresses.”
Hopscotch said it might start listing its products on major e-commerce platforms. “We have been approached by every horizontal player out there…last few months, we have been piloting with Amazon India and early numbers look good,” Anand said.
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