Lapis Marketing Pvt Ltd, which runs the baby products e-com portal Hushbabies.com, has raised Series A round of funding from IndoUS Venture Partners (IUVP). This is the second round of investment from IUVP. It had earlier participated in a seed round, along with Nexus Venture Partners.
Nexus recently exited its investment by selling out to IUVP, Sridhar Seshadri, CEO of Lapis Marketing, told Techcircle.in.
Although he did not share the details, sources say that the fresh investment is in the region of $3-5 million, like any other Series A funding round.
Seshadri, who joined the company earlier this year, said, “With this funding, we will focus on three aspects. First of all, we will look into enhancing our customer support; second would be logistics and the third focus area would be technology for both our platforms.â€
Besides Hushbabies, Lapis also runs babyBOX (an information site targeting expecting parents and parents to toddlers). Earlier, babyBOX was part of Jasper, the company behind Snapdeal.com.
According to Seshadri, Hushbabies has grown 10 times over the past 6 months and is doing as many as 1,000 transactions on any given day.
The baby products market has been heating up recently with many players coming to the fore. Hushbabies competes with Firstcry.com, Babyoye.com and other horizontal e-commerce players like Fashionandyou, Indiaplaza and 99labels, who offer products in the babycare category