Angel investors including Wei Yan, the cofounder of Diapers.com, and Techpro Ventures, the fund owned by Atul Nishar, the founder of Aptech, also participated in the investment round.
Hopscotch is a children’s clothing brand in the up-to-10 age group.
The company, through its digital platform, also sells food and personal care branded items owned by third-party firms.
With an average basket size of Rs 1,500 and 2.5 units sold per shipment, the company has swung from losses to EBITA (earnings before interest taxation and amortisation) profitability, founder Rahul Anand told ET during an exclusive interview.
Though the fashion category is recovering only gradually, kids’ clothing and fashion remains one of the best-selling online.
“Eighty percent of our revenue comes from repeat moms, we launch 400 styles every day, while most brands launch 800 a year,” Anand, who is also its CEO, said. “Every minute, we sell two dresses.”
The platform has 3 million mothers transacting since inception.
According to Anand, mothers are increasingly spending more on clothes for children and stretching their budget to buy branded products amid a range of options due to increased access, double-income households, and better selection online.
The children’s category is dominated by unbranded items, but consumer demands are changing, industry executives said.
“In our own mix, we have seen a 20-30% jump in kids’ fashion, nearing full recovery compared to pre-Covid-19 levels,” said Shital Mehta, CEO of Max Fashion India.
Hopscotch plans to move its brand beyond its own platform to other marketplaces.
“We have been approached by every horizontal player out there…last few months, we have been piloting with Amazon India and early numbers look good,” Anand said.
In 2011-2012, Hopscotch started as a destination where leading brands from around the world listed products and largely on pre-orders, helping mothers discover the latest in kids’ fashion from the comfort of their homes.
“When we began 80% brand was overseas… now a majority of the proportion is sourced from India and pre-order, as a percentage, is a small share of our business,” he said.