Hopscotch.in, a Mumbai based online baby products retailer has recently raised USD 2Mn, reports TOI. The investment was led by Singapore based LionRock Capital along with Nisaba Godrej, Skype co-founder Toivo Annus and Diapers.com CTO Wei Yan.
The raised funds will be utilized in expanding the technology and increase its marketing activities.
An initiative of Harvard Business School alumni duo, Rahul Anand and Lisa Kennedy, Hopscotch was founded in 2012. Unlike traditional etailers, the site place products from variety of brands only for a limited time, i.e. 96 hours. Members receive a daily email revealing the latest boutiques.
As per TOI, the startup hopes to report sales of $4 million in the current fiscal selling apparel, toys, shoes and skincare products.
“We reach out to one lakh moms every day and their intensity of engagement and repeat orders are high. We are clear that we are not selling to uber rich moms but provide affordable premium products. About 40% of our orders are from tier-II towns.” said Anand.
Considering a population of 1.2 Bn and a birth rate of less than two per cent, the baby products market in India is expected to be worth INR 4200 crore this year as per the Assocham reports. Also, The $3-billion domestic e-commerce market (excluding online travel) is growing at over 80% a year, as India’s 200 million internet users spend more on digital platforms, according to various recent surveys. Thus, offering a huge opportunity for the upcoming players.
Other major players in this segment includes FirstCry and Babyoye. Recently, FirstCry has also secured USD 15 Mn funding from Singapore based Vertex venture holdings.
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