Fashion ecommerce portal Fynd closes Series A with $three.four million – Forbes India

mg_97301_harsh_shah_280x210.jpgHarsh Shah, co-founder, Fynd
Mumbai-based mostly style ecommerce startup Fynd on Wednesday introduced that it has closed its Series A spherical with $three.four million (Rs 21 crore). The most recent spherical was led by IIFL Seed Ventures, who invested $2.four million, adopted by Kae Capital, FJ Labs, Singularity Ventures, GrowX, Traxcn Labs and Hong Kong-based mostly Axis Capital. The funds will probably be used to extend the shopper base, strengthen know-how and optimise operations and advertising methods.

Based by Farooq Adam, Harsh Shah, and Sreeraman MG, the startup operates on an offline-to-on-line enterprise mannequin. It sources merchandise throughout varied classes comparable to clothes, footwear, jewelry and equipment from over eight,000 offline shops and brings them on-line (through their in-retailer stock). The built-in system permits the product to be delivered with 4 to 6 hours of the order being positioned. [The company began as Shopsense Retail Technology Pvt Ltd in 2012 and rebranded itself to Fynd in November 2015.]

“Our imaginative and prescient is to revolutionise the web and offline procuring expertise throughout all channels and buyer contact-factors and attain out to extra clients within the coming months,” says Shah, co-founder, Fynd. The startup had earlier raised $500,000 from Enterprise Catalysts in March and $500,000 from Silicon Valley-based mostly Rocketship in Might in its Series A spherical.

Purvi Parkeria, senior vp, IIFL Seed Ventures, says Fynd goes by an thrilling part and is main the best way for O2O (offline to on-line) commerce in India. “It's the proper time for Fynd to speed up its progress technique by reaching out to a bigger variety of finish customers in addition to enterprise shoppers,” says Parkeria.

The startup additionally helps offline shops save their in-retailer gross sales. As an example, if a buyer walks in and the specified product isn’t accessible, the shop supervisor can place an order on the ‘Fynd retailer’ and have the product delivered on to the shopper.

Vidushi Kamani, enterprise companion, Kae Capital, says from their B2B days to their present mannequin, Fynd has proven spectacular progress and is seeking to seize a giant alternative within the O2O (offline to on-line) style section. “Constructing a profitable business operation with a robust know-how spine is what differentiates this firm and units it up for the subsequent stage of progress,” says Kamani.

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Fashion ecommerce portal Fynd closes Series A with $three.four million - Forbes India