Hopscotch, an Indian brand offering fashion wear for kids, has raised $20 million in a funding round led by Amazon amid the ongoing market slowdown and funding crunch that has hit young firms in the South Asian nation Is.
The Mumbai-headquartered startup’s Series E financing round also saw participation from existing investors including IIFL Seed Venture Fund, RPG Ventures, LionRock and TechPro Ventures. The startup said Facebook co-founder Eduardo Saverin also invested in this round.
Established in 2015, Hopscotch competes with the likes of FirstCry, BabyHug and LuvLap with an extensive collection of children’s fashion wear and accessories. The startup garnered popularity from various online marketplaces, though its namesake app only has about 700,000 monthly active users, according to Sensor Tower data shared by an industry executive.
“Hopscotch is the digital brand for parents who want their kids to look stylish everyday and for every special occasion,” Rahul Anand, founder and CEO of Hopscotch, said in a prepared statement. “This investment enables us to invest in marketing, broaden our selection, and express our unique style to more customers.”
Hopscotch plans to infuse the fresh funds to expand its offerings and tap into the latest trends in the kids fashion category. To date, the startup has raised $71 million, according to data insight platform Tracxn.
“Hopscotch has strong brand recall in the kids category,” Pritam N, director of corporate development at Amazon, said in a statement. “With this investment, we are excited to work with Hopscotch as it continues to reach and delight more customers. Rahul, the founder and his management team are passionate about building the brand. We are impressed by what he has done till date.
In April 2021, Amazon announced plans to invest $250 million in Indian startups through a new vehicle called the Amazon Sambhav Venture Fund. The US giant has since backed startups including fintech platform M1xcharge, online fresh meat startup FreshToHome and men’s innerwear brand XYXX.
