Facebook's Saverin, VC fund invest $11 mn in local e-com site

Social networking site Facebook's co-founder Eduardo Saverin and venture capital fund Velos Partners have invested USD 11 million in Hopscotch, an e-commerce portal selling merchandise for children.

The company will use the funds primarily to build operational capacity and technology, to support growth initiatives and expand its products and service offerings, the company said in a statement. "I have been actively following the Internet market here and I am thrilled to make my first direct investment," Saverin was quoted as saying in the statement.

After the investment, made in the website's holding company Hit the Mark Inc, Velos' co-founder and managing director Samrat Ganguly will be joining the company board as a director, while Saverin will join the board as an observer.

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This is the second round of investment for the 2012-incorporated company, which has now cumulatively raised USD 15 million in funding. The website sells over 1,000 local and global brands across multiple product categories, including apparel, shoes, toys and accessories.

Source: PTI