Online fashion marketplace Fynd, run by Shopsense Retail Technologies Pvt. Ltd, has raised $500,000 (Rs 3.3 crore) from seed investment platform Venture Catalysts in its Series A round of investment.
Fynd will use the capital to enhance its consumer offerings and strengthen its brand strategy, the company said in a statement.
The Mumbai-based company sources products directly from nearby outlets and takes four hours to 24 hours to deliver the order. Buyers can try the products for free and return these if they are not satisfied. Fynd’s products include ethnic wear, shoes, bags and clothing.
Fynd was founded in 2013 by Farooq Adam, Harsh Shah and Sreeraman MG. The same year, it raised an undisclosed amount in seed funding led by Kae Capital, with participation from a group of angels under Powai Lake Ventures and Jehaan Mehta.
In 2015, the company raised an undisclosed amount from Kae Capital and Snapdeal founders Kunal Bahl and Rohit Bansal. In January this year, VCCircle reported that Fynd had raised an undisclosed amount of funding from former Snapdeal executive Anand Chandrasekaran, Arvind SportsLifestyle Ltd CEO Rajiv Mehta and Livspace co-founder Ramakant Sharma.
The company claims it receives inventory data from over 8,000 stores in cities including New Delhi, Mumbai, Bengaluru, Amritsar, Guwahati and Kochi.
In a similar segment, Gurgaon-based fashion and lifestyle discovery platform SummerLabel raised Rs 1 crore in seed funding from affluent individuals earlier this month.
Other players in the online-to-offline fashion segment include Fashalot, which raised pre-Series A funding in April last year led by YourNest Angel Fund and angel investor Rajul Garg.
In November 2016, Bengaluru-based HyperKonnect Technolgies Pvt Ltd, which owns shopping app ShopsUp, raised $1 million in seed funding from two individual investors. The same month, Paytm acquired online-to-offline retail company Shopsity.
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