Amazon has invested US $ 20 million in Hopscotch, an Indian kid’s fashion brand, in a funding round led by the e-commerce giant. The funding comes at a time when young firms in India are facing market slowdowns and funding challenges.
The Series E financing round also saw participation from existing investors such as IIFL Seed Venture Fund, RPG Ventures, Lionrock, and Techpro Ventures. Notably, Facebook co-founder Eduardo Saverin also invested in the round.
Hopscotch, headquartered in Mumbai and founded in 2015, competes with other brands like FirstCry, Babyhug, and LuvLap in the kids’ fashion wear and accessories market. While the startup has gained popularity through various online marketplaces, its eponymous apps currently have around 700,000 monthly active users, as per data from Sensor Tower.
With the fresh funds, Hopscotch aims to expand its offerings and reach, focusing on the latest trends in the kids’ fashion category. The company plans to invest in marketing, broaden its selection, and allow more customers to express their unique sense of style. The latest funding brings Hopscotch’s total raised amount to US $ 71 million, according to Traxcn.
Preetham N, the director of Corporate Development at Amazon, expressed confidence in Hopscotch’s strong brand recall in the kids’ category and stated that Amazon is pleased to work with the company to reach and delight more customers. He commended Hopscotch’s founder, Rahul Anand, and his management team for their passion in building the brand.
