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Mumbai-based fashion ecommerce startup Fynd on Wednesday announced that it has closed its Series A round with $3.4 million (Rs 21 crore). The latest round was led by IIFL Seed Ventures, who invested $2.4 million, followed by Kae Capital, FJ Labs, Singularity Ventures, GrowX, Traxcn Labs and Hong Kong-based Axis Capital. The funds will be used to increase the customer base, strengthen technology and optimise operations and marketing strategies.
Founded by Farooq Adam, Harsh Shah, and Sreeraman MG, the startup operates on an offline-to-online business model. It sources products across various categories such as clothing, footwear, jewellery and accessories from over 8,000 offline stores and brings them online (via their in-store inventory). The integrated system enables the product to be delivered with four to six hours of the order being placed. [The company began as Shopsense Retail Technology Pvt Ltd in 2012 and rebranded itself to Fynd in November 2015.]
“Our vision is to revolutionise the online and offline shopping experience across all channels and customer touch-points and reach out to more customers in the coming months,” says Shah, co-founder, Fynd. The startup had earlier raised $500,000 from Venture Catalysts in March and $500,000 from Silicon Valley-based Rocketship in May in its Series A round.
Purvi Parkeria, senior vice president, IIFL Seed Ventures, says Fynd is going through an exciting phase and is leading the way for O2O (offline to online) commerce in India. “It is the right time for Fynd to accelerate its growth strategy by reaching out to a larger number of end consumers as well as enterprise clients,” says Parkeria.
The startup also helps offline stores save their in-store sales. For instance, if a customer walks in and the desired product isn’t available, the store manager can place an order on the ‘Fynd store’ and have the product delivered directly to the customer.
“Fynd currently contributes around 3-5 percent of sales of the offline store. The stores where we have implemented Fynd Store, it contributes around 7-8 percent of sales of the store,” Shah tells Forbes India.
Vidushi Kamani, venture partner, Kae Capital, says from their B2B days to their current model, Fynd has shown impressive growth and is looking to capture a big opportunity in the O2O (offline to online) fashion segment. “Building a successful commercial operation with a strong technology backbone is what differentiates this company and sets it up for the next level of growth,” says Kamani.