Hit the Mark Inc., which operates children-focussed fast fashion brand Hopscotch, has raised $25 million (Rs 184.7 crore), according to a report.
The Mumbai and New York-based startup has raised this capital from investors including Facebook co-founder Eduardo Saverin’s EE Capital, Lionrock Capital, Rise Capital, RPG Ventures and the IIFL Seed Ventures Fund, The Economic Times reported.
Angel investors including Diapers.com co-founder Wei Yan and Techpro Ventures, a fund owned by Aptech founder Atul Nishar, also took part in the funding exercise. Hopscotch, in which Saverin has invested before, is the first Indian company he made a direct investment in.
Hopscotch was founded in 2012 by Rahul Anand, who also functions as its chief executive officer (CEO). The company targets its clothing products at children in the up-to-10 age group. Through its platform, it also sells food and personal care items owned by other brands.
VCCircle has reached out to the company on the details of its latest fundraise and will update this report accordingly.
“Eighty per cent of our revenue comes from repeat moms -- we launch 400 styles every day, while most brands launch 800 a year,” Anand said, per the report. Hopscotch says its average basket size is Rs 1,500, with 2.5 units sold per shipment.
In February 2016, Saverin led a $13 million (around Rs 90 crore) Series C funding round in Hopscotch. Before that, the company secured $11 million in a Series B funding round that was led by Velos Partners, with participation from Rise Capital, the Jabbar Internet Group, Lionrock Capital and Skype co-founder Toivo Annus.
In 2014, Hit the Mark raised $2 million from Lionrock and angel investors including Annus, Wei Yan, and the Godrej Group’s Nisaba Godrej.
The fresh capital for Hopscotch underscores the attention that the child-focussed consumer segment is receiving.
For example, baby products startup Mamaearth has raised capital from firms and angel backers including Fireside Ventures, Stellaris Venture Partners, Sequoia Capital India, and Bollywood actor Shilpa Shetty.
Another clothing brand, Cub McPaws, raised an undisclosed sum in pre-Series A capital earlier this month from a clutch of investors in Dubai, India, Japan, and the United States. In December last year, the company raised funding from startup incubator and accelerator Venture Catalysts.
In May, snacks brand Lil’ Goodness raised Rs 5 crore (around $661,000) in a seed funding round led by Japan’s Beyond Next Ventures. Former UST Global CEO Sajan Pillai and former Tata Health CEO Muthu Krishnan also participated.
Also that month, healthy foods brand Timios raised pre-Series A capital from Rangsons Technologies LLP, which is part of Mysore-based NR Group. Paipal Venture LLP also took part.