Online fashion marketplace Fynd, which is run by Shopsense Technologies Pvt. Ltd has raised $3.4 million (around Rs 21 crore) in a Series A round. The funding round was led by IIFL Seed Ventures and early investor Kae Capital along with Singularity Ventures, Rocketship.VC, FJ Labs, GrowX, Traxcn Labs, Hong Kong-based Axis Capital and angel network platform Venture Catalysts have also participated in the round.
Earlier in March 2017, the startup raised $500K from India’s leading and fastest growing investment and innovation platform Venture Catalysts.
Fynd Co-founder, Harsh Shah said, “Our vision is to revolutionize the online and offline shopping experience across all channels and customer touch-points and reach out to more customers in the coming months. We have another 140 brand partnerships in the pipeline and should have them onboard in the next six months. We want to reach a target of fulfillment from 30 stores by the end of the year from the 23 stores we currently have.”
The Mumbai-Based startup was founded in 2014 by an IIT-Bombay alumnus Farooq Adam, Harsh Shah and MG Sreeraman. Fynd is an online retailer that sells a range of fashion items to its users. It is also India’s first and largest online to offline e-commerce fashion marketplace. They provide in-store inventories, which are available online before any other e-commerce networks.
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. With an integrated system that allows for speedy delivery within four to six hours, Fynd claims to contribute between 3 and 4% of in-store sales for brands on its platform.
Fynd works on a commission-for-sale model charging between 20 and 30% per sale from the brand. With gross margins touching about 20%, Fynd claims to be profitable on a unit level.
Commenting of funding, Purvi Parkeria, senior vice president at IIFL Seed Ventures, said: “Fynd is going through an exciting phase. It is leading the way for offline to online commerce in India and it is the right time for it to accelerate its growth strategy by reaching out to a large number of end consumers as well as enterprise clients.”
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. Read more about Indian Startup Ecosystem.