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

By Gizbot Bureau
|

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.

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

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.

Recommended: Top 10 Deals on 6 Inch Display Smartphones to Buy Today

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

Most Read Articles
Best Mobiles in India

Best Phones

Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Yes No
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Gizbot sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Gizbot website. However, you can change your cookie settings at any time. Learn more