The round included participation from Eduardo Saverin, co-founder of Facebook, and existing investors, including Lionrock, IIFL Seed Venture Fund, RPG Ventures, and Techpro Ventures
Hopscotch, a brand for kids' fashion, has announced that its parent company, Hit the Mark, Inc., raised $20 million in a funding round led by Amazon. The round also included participation from Eduardo Saverin, co-founder of Facebook, as well as other existing investors, including Lionrock, IIFL Seed Venture Fund, RPG Ventures, and Techpro Ventures. The funding will enable Hopscotch to expand its offerings and serve even more customers with the latest styles in kids' fashion."
Rahul Anand, founder and CEO of Hopscotch said, "This investment allows us to invest in marketing, broaden our selection, and enable more customers to express their unique sense of style."
“Hopscotch has strong brand recall in the kids’ category. With this investment, we are happy to work with Hopscotch as it continues to reach and delight more customers. Rahul, the founder, and his management team are passionate about building out the brand. We have been impressed to see what they have done till date,” said Preetham N, Director, Corporate Development at Amazon.
As per Fortune Business Insights, the global kids’ apparel market is poised to reach $296.85 billion by 2029, projecting a CAGR of 6.8% during 2022-2029. Statista estimates the luxury fashion segment in India to grow annually by 1.67 per cent between 2022 to 2027.
Currently, local and unorganised businesses dominate the country's kidswear market, which provide opportunities for organised players to establish a firm foothold and capture a larger corner of the market.
The company will utilise the newly-infused capital to expand its product capabilities to support more currencies and local payment methods
The company aims to maintain its upward development trajectory and fortify its position in the edtech market
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