Mumbai-based O2O fashion ecommerce platform Fynd has raised $2.4 Mn in a funding round led by IIFL Seed Ventures.
The round was an extension of the Series A round and also saw participation from Kae Capital, FJ Labs, Singularity Ventures, GrowX, Tracxn Labs, and Hong Kong-based Axis Capital. The current funding leads to the close of Series A funding at $3.4 Mn.
Commenting on the funding, Fynd co-founder, Harsh Shah said, “Fynd is growing steadily and has managed to seal some exciting partnerships in the past few months. Our vision is to revolutionise the online and offline shopping experience across all channels and customer touch-points and reach out to more customers in the coming months.”
The ecommerce portal functions on an O2O model and directly sources products across various categories – including clothing, footwear, jewellery, and accessories – from prominent brands in the country. The startup optimises delivery time by sourcing products from the outlets nearest to the customer.
The startup will leverage the newly raised capital to accelerate growth. Apart from this, the funds will be utilised to enhance consumer base, strengthen tech and to optimise its operations including marketing strategies, as per an official statement.
The company claims to have about 8,000+ outlets on board. Besides this, Fynd’s in-house product the ‘Fynd Store’ helps brand stores save their in-store sales data. Fynd Store helps the store managers place an order on behalf of their walk-in customers, in case the desired product is unavailable in the store. The product is then delivered directly to the customer’s address. As per a company statement, Fynd’s integrated system allows for speedy delivery within four to six hours, and assurance of product quality.
Prior to this in May 2017, Fynd raised $500K in another follow-on Series A funding round from Silicon Valley-based Rocketship. Earlier in March 2017, Fynd secured $500K in its Series A round of funding from Venture Catalysts. Anand Chandrasekaran (Global Director, Platform/Partnerships at Facebook), Rajiv Mehta (CEO of Arvind Sports Lifestyle Limited), and Ramakant Sharma (co-founder of Livspace) also participated in this round. Other players in the space include Voonik, Roposo, Craftsvilla, etc.