Online babycare products e-tailer Babyoye has acquired its competitor Bangalore-based Hoopos in an all stock deal. The merged entity has also raised funding of $12 million (Rs.64.8 crore) led by Helion Venture Partners with participation from Accel Partners and Tiger Global. Hoopos is expected to be turned into a niche site retailing products for older children. The new entity is targeting about Rs.250 crore in revenue in two years.
BabyOye previously raised $2.5 million from Accel and Tiger in 2011, while Hoopos raised an undisclosed amount of money from Helion the same year.
Source: Economic Times
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