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Velos Partners, Facebook Co-founder Saverin play Hopscotch for $11 million

Hit The Mark Inc. owned babycare e-commerce company Hopscotch
has raised a $11 Million in a the Series B investment round led by Facebook
Co-Founder Eduardo Saverin and Velos Partners, reports the
Economic

Hit The Mark Inc. owned babycare e-commerce company Hopscotch
has raised a $11 Million in a the Series B investment round led by Facebook
Co-Founder
Eduardo Saverin and Velos Partners, reports the Economic
Times
.

Rise Capital, Jabbar Internet group, and existing investors
Singapore-based Lionrock Capital and Skype Co-founder Toivo Annus also
participated in the fund-raise, a company statement said on Monday.

The investment in Hopscotch marks Saverin’s and Velos
Partners’ debut investment in India. Singapore-based Saverin, whose net worth
at the time of the 2012 Facebook IPO was estimated at $4.2 billion, has been a
prolific angel investor in technology startups in Southeast Asia and North
America over the past few years. He is also chairman of the advisory board at
Velos Partners, which primarily invests in consumer and technology companies.

So far, the company
has raised a total funding to $15 million. Samrat Ganguly, a Co-Founder &
Managing Partner of Velos Partners, will be joining the Board of Directors,
while Eduardo Saverin will join the Board as an observer.

Eduardo Saverin, Co-Founder of Facebook, was quoted in the
Economic Times as saying, “I have been actively following the Indian internet
market and I am thrilled to make my first direct investment in India in a
company of the caliber of Hopscotch.in. The company’s early track record in the
large and growing Indian eCommerce market combined with the team’s experience,
energy and vision makes this an intriguing investment opportunity. I look
forward to working with the Hopscotch team in the months and years to come.”

According to Assocham, overall, the babycare and kids
products market is estimated at Rs 4,200 crore annually. In India the other
players in this space include FirstCry and BabyOye. 

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