Mumbai based online kids and baby products retailer has acquired the eCommerce site Skoolshop, per Radhika P Nair of ET Retail. The financial details of the deal are undisclosed, but has been reported to be an all stock transaction.
The online portal currently redirects to Hopscotch’s website. We tried to reach Skoolshop’s founder, Satya Raghavan but there was no response.
“We found a lot of synergies between the two companies. The acquisition will help expand our customer base rapidly and also give us a large vendor base,” said Rahul Anand, co-founder of Hopscotch to ET Retail.
iamWire predicted Skoolshop’s shut down last month, in lieu of a notice displayed on the portal, for giving its services a pause for the summer.
However, our assumption was denied by Satya with the mail below:
“The start of summer holidays is the best time for us to make changes, as parents are out on holidays and the current term has ended, and students go back to school only in June. Hence we are doing a series of changes in our technology stack as well as servers. We are testing the changes as we speak and should be back up in a few days.”
This clearly shows that the portal was not generating enough money to support their functioning and is possibly a sale in distress. Apart from ecommerce, Skoolshop was also known for its large B2B service network of schools, which currently seems to be the reason for acqusition.
Founded in July 2011, SkoolShop is a brand of Occasion Kommerce Pvt. Ltd and offered online all education related products including books, stationery, educational games, tablets, apps, etc.
Since inception, the company has raised two rounds of investments. The first round was led in 2011 by Ex-Microsoft Executive, Jaspreet Bindra, who is now the CEO of Getit Infomedia and Rajan Anandan, who is currently the Managing Director of Google India. The Series A round of INR 1 crore was led by Blume ventures and a few angel investors including Sunil Kalra, Srikant Shastri, Vikas Choudhary and Puneet Deora.
Recently, another portal AllSchoolStuff, in the same space also shut down its operations.
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