Hopscotch (1), a Mumbai-based online retailer, has secured 25 million USD from marquee investors. It offers kids apparel for up to 10 year age group. The company has raised the latest infusions from EE Capital of Eduardo Saverin, Facebook Co-founder, Rise Capital, Lionrock Capital, RPG Ventures, and IIFL Seed Ventures Fund. The cohort of angel investors, including Wei Yan, Diapers.com, co-founder Atul Nishar of Techpro Ventures, participated in the current fundraising.
Along with kids apparel, Hopscotch also sells food and personal care third-party products via its digital platform. Rahul Anand, Founder of Hopscotch, stated that the company had taken a wave from losses to EBITA profits with the average basked valued at 1500 INR with over 2.5 units sold per shipment. According to startup claims, the company has had 3 million transactions since it started its operation.
Anand further added that today moms are spending more on their children’s clothes and increasing their budget to buy branded apparel. He gives credit for such development to the availability of a range of products, increased accessibility, double-income, and better selection on the internet.
Hopscotch Working on a Flash Sale Model
Rahul Anand, and Lisa Kennedy Hopscotch, former executives of Diapers.com, founded the startup 15-years ago. They work on a flash sale model. It includes launching new limited-time boutiques that last about 96 hours. Members of the brand daily receive an email containing the latest boutique details.
At present, the brand holds a list of over 400 odd niches domestic and international brands. Notably, Hopscotch focuses on what moms want rather than what is available to sell. People can shop on the platform through Age, Calendar, Boutique, Category. As per reports, Amazon and Flipkart were in talks with the company to purchase a significant stake in 2019.
It competes with FirstCry and BabyOye. These two companies follow the inventory and catalog model to reach customers, whereas Hopscotch has a flash sales model. The company is sourcing nearly 3,000 brands; notably, third of its sales appear from private-label brands, say sources.
Author: Rucha Joshi
Source : https://timesnext.com/hopscotch-bags-25m-usd-from-facebook-co-founders-and-others/
Date : 2020-09-24T07:29:45.000Z