.₹ 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
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.