Mumbai-based baby & kid’s products focused flash sales site Hopscotch has raised $13 million in a Series C round of funding led by Facebook co-founder Eduardo Saverin. The company will use the funds for growth and expanding its technology platform.
Hopscotch offers products such as baby and kids apparel, shoes, toys, books, school products, maternity products and accessories from various brands as part of a flash sale model.
Singapore-based Saverin had invested $11 million in the company a year ago, marking his debut in India. Unlike other online companies such as Amazon and Flipkart which get the bulk of their segment revenue from diapers and baby accessories, Hopscotch focuses on lifestyle products that offer significantly higher margins and a bigger basket size.
Rahul Anand, who founded Hopscotch, said: “We are into highly differentiated lifestyle categories and not low-margin ones.
“While others indulge in price wars that evaporate profit, we are investing in technology that will help expand our consumer base.”Tagged: Investment, Facebook, Digital India