Online fashion marketplace startup Fynd, has managed to bag $500K (Rs.3.3 Crore) in Series A funding from India’s leading and fastest growing investment and innovation platform Venture Catalysts. Earlier the startup was known as Shopsense Retail Technology Pvt. Ltd, and then evolved into Fynd in November 2015.
The funding round was also participated by previous Investors Anand Chandrasekaran, Global Director, Platform/Partnerships at Facebook, Rajiv Mehta (CEO of Arvind Sports Lifestyle Limited), and Ramakant Sharma (co-founder of Livspace).
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.
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.”
The startup has 8000 stores in New Delhi, Mumbai, Pune, Bangalore, Amritsar, Guwahati and Kochi. They deliver the products from the nearest stores and ensure timely delivery of products.
Venture Catalysts is a company focused on the creation of start-ups based on technological and scientific projects. The company is focused on commercialization of technologies through entrepreneurship, by supporting visionary researchers and entrepreneurs releasing the full potential of their technologies.
Commenting on the investment, Apoorv Ranjan Sharma, co-founder, Venture Catalysts said, “Fynd is a promising e-commerce 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 fulfilment and maintained seamless customer experience through unsurpassed quality and an array of brands. These factors have converted its buyers into loyal patrons.”
Fynd will use their freshly raised funds to enhance its consumer offerings and strengthen its brand strategy. Read more about Indian Startup Ecosystem.