Investors including Anand Chandrasekaran, Global Director, Platform/Partnerships at Facebook, Rajiv Mehta (CEO of Arvind Sports Lifestyle Limited), and Ramakant Sharma (co-founder of Livspace) have also participated in this round.
The startup plans to deploy the raised funds to enhance consumer offerings as well as brand strategy. They also aim to leverage Venture Catalysts’ expertise and connections to increase their network, as per an official statement.
Commenting on the investment, Apoorv Ranjan Sharma, co-founder, Venture Catalysts said, “Fynd is a promising ecommerce 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.”
The company was launched in 2012 by Farooq Adam, Harsh Shah, and Sreeraman MG as Shopsense Retail Technology Pvt. Ltd, and pivoted to Fynd in November 2015. Currently based out of Mumbai, it is essentially a fashion ecommerce portal which claims to bring the latest in-store fashion online.
Harsh Shah, co-founder, Fynd 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 realised 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.”