Hopscotch, an online retailer specializing in kids’ apparel, announced on Wednesday, May 24th, that its parent company, Hit the Mark, Inc., has successfully raised $20 million in a funding round led by Amazon. The funding round also included prominent investors such as Eduardo Saverin, the co-founder of Facebook, as well as existing backers Lionrock, IIFL Seed Venture Fund, RPG Ventures, and Techpro Ventures, according to a statement released by the startup.
With this substantial infusion of capital, Hopscotch intends to expand its product offerings and better serve its customers by providing the latest trends in kids’ fashion. Rahul Anand, the founder and CEO of Hopscotch, expressed his excitement about the investment, stating, “This funding enables us to invest in marketing efforts, diversify our selection, and empower more customers to showcase their unique sense of style.”
Preetham N, the director of corporate development at Amazon, shared his thoughts on the funding, remarking, “Hopscotch has established a strong brand presence within the kids’ category. We are delighted to collaborate with Hopscotch through this investment as they continue to connect with and delight more customers. Rahul, the founder, and his dedicated management team possess a genuine passion for expanding the brand. We have been truly impressed by their accomplishments thus far.”
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About Founder
Founded in 2011 by Rahul Anand and Lisa Kennedy, Hopscotch operates as an online retailer offering a wide range of baby products across multiple categories. Their product catalog includes tops, dresses, toys, skincare items, sneakers, sandals, and more.
In 2020, Hopscotch secured $25 million in funding from Saverin’s investment firm, EE Capital, as well as Lionrock Capital, Rise Capital, RPG Ventures, and IIFL Seed Ventures Fund.
To date, the startup has successfully raised a total of $52.8 million. It faces competition from other notable players in the industry, such as Pune-based unicorn Firstcry and Greendigo, a sustainable baby apparel brand backed by Dia Mirza.
The children’s apparel market caters to the age group of 0 to 14 years. A report suggests that India’s kids’ apparel market reached a valuation of $21.1 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 2.6% to reach $24.5 billion by 2028.
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India holds great importance for Amazon as one of its key markets, alongside Flipkart. Over the past few years, the US-based e-commerce giant has made significant investments in various Indian startups. In 2021, Amazon launched the Amazon Smbhav Venture Fund to focus on early-stage investments in Indian startups.
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