After investing Rs 80.8 crore in task management app Dunzo in December last year, Google has made its second investment in Indian fashion e-commerce platform Fynd.
The series C round led by Google also saw the participation from Kae Capital, IIFL, Singularity Ventures, GrowX, Tracxn Labs, Venture Catalyst, and others.
Last year, Fynd had raised Rs 21 crore from IIFL Seed Ventures in series A round. Interestingly, there is no mention of company’s Series B round of financing.
The brainchild of Farooq Adam, Harsh Shah, and Sreeraman MG, Fynd was initially started off as Shopsense Retail Technology in 2012, which enabled brands and retailers sell by engaging shoppers in stores. However, it later pivoted its model to Online-to-offline commerce in November 2015 and rechristened itself as Fynd.
The O2O platform partners with several leading retailers and sell their products on its e-commerce platform. It directly sources products across various categories, including clothing, footwear, jewellery, and accessories, from top brands in the country and brings them online.
With more than 8,000 outlets on board, the company plans to use the fresh funds to work on engagement with retailers and consumers.
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 hours. It also claims to contribute between 3 to 4 per cent of in-store sales for brands on its platform.
Fynd’s unique proprietary inventory integrations enable customers to discover fashion in real-time and know the exact specifications of the products available.
The Mumbai-based company also has an in-store product called Fynd Store that helps brand stores to save their in-store sales that could’ve been lost due to unavailability of the product.