FUNDING

Online e-commerce fashion platform Fynd secures funds

Fynd is a Mumbai – based online fashion e-commerce platform. It was founded in 2014 by an IIT-Bombay alumnus, Farooq Adam, Harsh Shah and MG Sreeraman. The startup announced yesterday (29/03/2018) that it has received Series C round of funding from the internet search engine giant, Google. The exact amount of investment it received from Google however was not revealed. The startup’s existing investors like Kae Capital, IIFL, Singularity Ventures, GrowX, Tracxn Labs, Venture Catalyst, Patni family office and Hong Kong-based Axis Capital also participated in that round of funding.

For those retailers doing offline (fashion retail shop) business in India, Fynd offers those retailers a chance to list their products on its e-commerce website be it clothing, footwear, makeup kits or other fashion accessories. The startup presently has around 8,000 outlets across India. The startup intends to use the funds secured to upgrade its website and enhance the way it engages with consumers and offline fashion retailers across the country. According to Livemint, the startup has secured more than US $3.4 million in disclosed fundings alone! Fynd secured US $3.4 million in its Series A round of funding during June last year (2017). It also secured US $500,000 from Silicon Valley-based investor, Rocketship.vc during May 2017.

Fynd currently has tie-ups with over 8,000 offline fashion retailers across the country. The retailers sell affordable, mid-range and premium fashion brands through Fynd’s fashion e-commerce website. For each transaction done through Fynd’s e-commerce website, the startup charges 20 to 25% commission on the retail price to the retailers. The average delivery charge per order for the startup is between Rs. 65 to Rs. 80. Fynd also supplies offline fashion retailers with stock units from other fashion retail outlets in case customers did not find the right fit, colour or design of a particular product.

Using Fynd’s mobile app called Fynd Store; customers are able to browse all the products, located across various stores in India, of any particular fashion brand. This feature gives a great deal of choice to consumers. The startup does not have a logistics unit of its own but rather has tie-ups with 3rd part logistics providers across India.

“We work with third party delivery companies. We believe in having no inventory, including warehouse and logistics fleet. We are simply a tech platform”, said Harsh Shah, co-founder of Fynd.

“Fynd has built an impressive, tech-first platform that has tremendous potential to scale within and beyond fashion and India. Its unique store-driven commerce approach, without inventory or warehouses, gives it a unique position in the marketplace”, said Seema Rao, head of corporate development – India, Google.

The competitors of Fynd include Ace Turtle and Shopify (Canada based company) which provide services similar to what Fynd does. Fynd also competes with a company called Shopmatic which designs e-commerce software for offline fashion retailers.

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Online e-commerce fashion platform Fynd secures funds
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