Fynd, an internet-to-offline fashion e-commerce portal has right this moment introduced that it has secured a whopping $500, 000 in its pre-series A funding round from seed funding and innovation platform Venture Catalysts.
The fundraising round additionally noticed participation from existing marquee investors, specifically Anand Chandrasekaran, Fb govt and former CPO at Snapdeal; Rajiv Mehta, CEO of Arvind Sports activities, and Ramakant Sharma, Co-founding father of Livspace and former VP of Myntra. Beforehand, it had additionally raised an undisclosed seed round from the likes of Kae Capital, and a cohort of angel buyers underneath Powai Lake Ventures and Jehaan Mehta.
With this recent capital infusion, Fynd is not going to solely be main the enlargement of its wider viewers but in addition goals to additional improve its client choices and model technique. The firm is sustaining its strategic concentrate on partnering with key business stakeholders to realize some a lot-wanted mentorship and steerage for scaling the operations. They’ll allow the corporate to eradicate operational bottlenecks, speed up its development charge, and obtain sustained success.
Talking on the funding, Dr. Apoorv Ranjan Sharma, Co-founder, Venture Catalysts stated,
Fynd is a promising e-commerce enterprise which supplies an modern resolution to each on-line shopper’s most simple drawback – product supply. The platform has carried out splendidly in phrases of product achievement and maintained seamless buyer expertise by unsurpassed high quality and an array of manufacturers. These elements have transformed its consumers into loyal patrons.
Headquartered in Mumbai, Fynd is an internet procuring platform based by a trio of co-founder specifically, Farooq Adam, Harsh Shah, and Sreeraman MG again in 2013. Run by Shopsense Applied sciences Pvt. Ltd., the corporate goals to simplify the web-to-offline retail chain and serve its clients speedily. Fynd’s enterprise mannequin revolves round sourcing the merchandise from close by bodily shops and delivering them to the purchasers in underneath 24 hours.
Commenting on this fundraise, Fynd Co-founder, Harsh Shah stated,
Early final 12 months, we accomplished the preliminary testing of our enterprise mannequin and had been scaling up our enterprise from Mumbai to a pan-India presence. At the moment we realized the necessity of experience from business majors who can really information us in constructing our product and in addition give us higher business publicity together with steady suggestions on our efforts.
As for the class of merchandise provided on Fynd, it consists of the whole lot from clothes and footwear to jewelry and equipment from varied manufacturers throughout India. The fashion e-commerce portal additionally affords different important choices similar to one-contact cell funds, attempt to return again coverage, 24-hour supply and so on.
Fynd is presently operational in over eleven cities alongside tie-ups with over 250 main manufacturers. The firm sources its stock knowledge from over eight,000 shops in cities together with New Delhi, Mumbai, Bengaluru, Amritsar, Guwahati, and Kochi. And now, it goals to steer an expansion drive into the Southeast, whereas rising stock to over 10 lakh merchandise in the approaching months. It has already crossed product sales of about Rs. 25 crores in 2016 is way more than its native rivals similar to Wooplr.