.₹ 528 crore is Needed for this Firm to Hit the Mark

A round-up of the top fund­ing sto­ries of the day from the startup world Firm that op­er­ates Hop­scotch taps Bar­clays to scout for in­vestors

The Economic Times - - Disruption: Startups & Tech - Biswarup.Gooptu

New Delhi: HitTheMark,which owns and op­er­ates baby ap­parel and cloth­ing plat­form Hop­scotch, has hit the mar­ket to raise $50-75 mil­lion (.`352-528 crore), with the Mum­bai-based ven­ture hav­ing man­dated global in­vest­ment bank Bar­clays to scout for new in­vestors. When con­tacted by ET, Rahul Anand, chief ex­ec­u­tive of Hop­scotch, con­firmed the devel­op­ments, but de­clined to dis­close the valu­a­tion that the six-year-old com­pany was seek­ing for its lat­est cap­i­tal raise.

The com­pany has, till date, raised an es­ti­mated $50 mil­lion in eq­uity fi­nanc­ing, count­ing Ed­uardo Saverin, the co­founder of so­cial me­dia be­he­moth Face­book, as one of its in­vestors. Saverin had in­vested in the com­pany in 2015 through his in­vest­ment firm Ve­los Part­ners. Hop­scotch, pri­mar­ily a dig­i­tal brand, has also brought on board Sin­ga­pore-based LionRock Cap­i­tal, also an in­vestor in ride-hail­ing ma­jors GoJek and Didi Chux­ing, Wei Yan, co­founder of Ama­zon-owned Di­a­pers.com, In­dia In­fo­line Ven­tures and RPG Ven­tures, among oth­ers, as in­vestors.

The devel­op­ments come when

In­dia’s broader baby prod­ucts and ap­parel seg­ment has be­gun to see sig­nif­i­cant in­ter­est from global in­vestors, at least in the top com­pa­nies op­er­at­ing in the space.

In Oc­to­ber last year, ET was the first to re­port that Ja­pa­nese strate­gic hold­ing com­pany SoftBank was ne­go­ti­at­ing a po­ten­tial in­vest­ment of $200 mil­lion in baby and mother care por­tal FirstCry. The deal, if suc­cess­ful, will value FirstCry — which re­tails baby care prod­ucts both on­line and off­line — at about $800 mil­lion-$900 mil­lion, sources had told ET.

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