Hopscotch, an India-based e-commerce company selling babycare products that is backed by internet holding company Jabbar Internet Group, has secured $13m in funding from angel investor Eduardo Saverin, the Economic Times reported yesterday.
Saverin, a co-founder of social media network Facebook, previously led an $11m series B round in January 2015 that included Jabbar; Velos Partners, a growth capital firm that has Saverin as its chairman; Rise Capital, Lion Rock Capital and Tovio Annus, co-founder of messaging platform Skype.
Hopscotch closed a $2m series A round in 2014 backed by Lion Rock and a range of angel investors. The company has reportedly obtained a total of $15m in funding to date, including seed capital provided by friends and family.
Founded in 2012, Hopscotch sources babycare and children’s products from more than 3,000 brands across India and foreign markets, selling the them through flash sales on its website.
The cash will help Hopscotch grow its customer base, add more products and develop additional features.
Saverin said: “Hopscotch’s steadfast focus on this vision has paid off, resulting in an exponential growth of over 700% year on year. The market opportunity is massive and Hopscotch is still in its nascent stage.”
“The team is frugal, cost conscious, and persistently focused on continuing to deliver strong unit economics while investing in scaling the business.”