Fashion ecommerce portal Fynd has secured an undisclosed amount of funding from former Snapdeal CPO, Anand Chandrasekaran. Rajiv Mehta (CEO of Arvind Sports Lifestyle Limited) and Ramakant Sharma (co-founder of Livspace) also participated in this round.
The company plans to utilise the raised funds for marketing and enhancing its tech infrastructure.
Commenting on the development, Harsh Shah, co-founder, Fynd said, “Our major purpose of raising the round wasn’t to gain more capital but to partner with stakeholders who can actually help us with their experiences and expertise.”
Related Article: O2O Fashion Ecommerce Platform Fynd Raises $2.4 Mn From IIFL, Others
Founded by Farooq Adam, Harsh Shah, and Sreeraman MG, Fynd is a fashion ecommerce portal which claims to bring the latest in-store fashion online.
Initially incepted as Shopsense Retail Technology Pvt. Ltd. in 2012, the company pivoted to Fynd in November 2015 and is currently based out of Mumbai. The O2O company directly sources products across various categories including clothing, footwear, jewellery, and accessories, from prominent brands in the country. It optimises its delivery time by sourcing products from the outlets nearest to the customer.
At present, Fynd provides its services across India, and claims to receive inventory data from over 8,000 stores in cities including New Delhi, Mumbai, Bengaluru, Amritsar, Guwahati, and Kochi. The company plans to expand its inventory services to other parts of the country and, as per an official statement, will also increase its inventory to include more than 10 Lakh products in the next six months.
Earlier in December 2016, Fynd launched a new feature called ‘Fynd Store’, that aimed to provide retailers an opportunity to increase sales through omnichannel user-engagement. In May 2016, Fynd, launched Fify– a fashion shopping “botfriend.” Fify is a conversational commerce bot for discovery and transactions.
Earlier in October 2016, online fashion brand StalkBuyLove raised an undisclosed amount of funding from William Bissell, Managing Director of ethnic retailer Fabindia. In the same month, fashion discovery app Findow received an undisclosed amount of funding from Raj Singh Bhandal, Director, Next Media Works.