Fynd, an online-to-offline fashion e-commerce portal has today announced that it has secured a whopping $500, 000 in its pre-series A funding round from seed investment and innovation platform Venture Catalysts.
The fundraising round also saw participation from existing marquee investors, namely Anand Chandrasekaran, Facebook executive and former CPO at Snapdeal; Rajiv Mehta, CEO of Arvind Sports, and Ramakant Sharma, Co-founder of Livspace and former VP of Myntra. Previously, it had also raised an undisclosed seed round from the likes of Kae Capital, and a cohort of angel investors under Powai Lake Ventures and Jehaan Mehta.
With this fresh capital infusion, Fynd will not only be leading the expansion of its wider audience but also aims to further enhance its consumer offerings and brand strategy. The company is maintaining its strategic focus on partnering with key industry stakeholders to gain some much-needed mentorship and guidance for scaling the operations. They’ll enable the company to eliminate operational bottlenecks, accelerate its growth rate, and achieve sustained success.
Speaking on the investment, Dr. Apoorv Ranjan Sharma, Co-founder, Venture Catalysts said,
Fynd is a promising e-commerce venture which provides an innovative solution to every online shopper’s most basic problem – product delivery. The platform has performed splendidly in terms of product fulfillment and maintained seamless customer experience through unsurpassed quality and an array of brands. These factors have converted its buyers into loyal patrons.
Headquartered in Mumbai, Fynd is an online shopping platform founded by a trio of co-founder namely, Farooq Adam, Harsh Shah, and Sreeraman MG back in 2013. Run by Shopsense Technologies Pvt. Ltd., the company aims to simplify the online-to-offline retail chain and serve its customers speedily. Fynd’s business model revolves around sourcing the products from nearby physical stores and delivering them to the customers in under 24 hours.
Commenting on this fundraise, Fynd Co-founder, Harsh Shah said,
Early last year, we completed the preliminary testing of our business model and were scaling up our business from Mumbai to a pan-India presence. At that time we realized the need of expertise from industry majors who can actually guide us in building our product and also give us better industry exposure along with continuous feedback on our efforts.
As for the category of products offered on Fynd, it includes everything from clothing and footwear to jewellery and accessories from various brands across India. The fashion e-commerce portal also offers other significant options such as one-touch mobile payments, try and return back policy, 24-hour delivery etc.
Fynd is currently operational in over eleven cities alongside tie-ups with over 250 major brands. The company sources its inventory data from over 8,000 stores in cities including New Delhi, Mumbai, Bengaluru, Amritsar, Guwahati, and Kochi. And now, it aims to lead an expansion drive into the Southeast, while increasing inventory to over 10 lakh products in the coming months. It has already crossed gross sales of about Rs. 25 crores in 2016 is much more than its local rivals such as Wooplr.