Facebook co-founder Eduardo Saverin and venture capital fund Velos Partners have invested US$11 million in Hopscotch, an ecommerce portal selling merchandise for babies and kids in India.
“I have been actively following the Indian internet market and I am thrilled to make my first direct investment in India,” said Saverin in a statement.
He will join the website’s holding company board, Hit the Mark, as an observer. Velos co-founder and managing director, Samrat Ganguly, will join the board as a director
Other investors in the Series B round include Rise Capital, Jabbar Internet Group, and existing investors Singapore-based Lionrock Capital and Skype co-founder, Toivo Annus.
This is the second round of investment for the company, which has now raised US$15 million. The previous round of funding saw participation from Nisa Godrej, daughter of Indian billionaire industrialist Adi Godrej.
The startup will use the funds to build operational capacity and technology, support growth initiatives, and expand its products and service offerings. The website curates over 1,000 brands across multiple product categories, often using the flash sales model. Around 30 per cent of the sales are made in India’s second- and third-tier cities.
The company will compete in the fast-rising Indian online baby care market, which is expected to reach US$500 million by 2017.
See: Facebook co-founder joins online grocery store RedMart’s $5.4m funding round
This post Facebook co-founder leads $11M funding of Indian etailer Hopscotch appeared first on Tech in Asia.
Facebook co-founder leads $11M funding of Indian etailer Hopscotch
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