Mumbai-based fashion e-commerce marketplace, Fynd has raised Rs 21 crore investment in its series A round. The funding was led by IIFL Seed Ventures while early investor Kae Capital along with Singularity Ventures, F J Labs and US-based Rocketship.vc also participated in it.
Fynd is the second Indian investment for FJ Labs after car rental firm Zoomcar.GrowX, Traxcn Labs, Hongkong-based Axis Capital and angel network platform, Venture Catalysts also participated in the round.
The company will use the proceeds towards expanding brand networks and store integration.
Commenting on funding Harsh Shah,Fynd CEO said, “We have another 140 brand partnerships in the pipeline and should have them on-board in the next six months. We want to reach a target of fulfilment from 30 stores by the end of the year from the 23 stores we currently have.”
Fynd was founded by Farooq Adam, Harsh Shah, and Sreeraman MG, is a fashion e-commerce portal which looks to bring the latest in-store fashion online.
Incepted as Shopsense Retail Technology Pvt Ltd in 2012, the company pivoted to Fynd in November 2015. The O2O company directly sources products across various categories, including clothing, footwear, jewellery, and accessories, from top brands in the country.
With an integrated system, Fynd optimises delivery time for online shoppers by sourcing products from the outlets nearest to the customer and aims for assurance of product quality and speedy deliveries within four to six hour. It claims to contribute between 3 and 4% of in-store sales for brands on its platform.
Fynd was backed by Kae Capital and angel investors Anand Chandrasekaran, a former Facebook executive, Rajiv Mehta of Arvind Sports, and Ramakant Sharma, co-founder of online home design start-up Livspace