Online fashion marketplace Fynd, run by Shopsense Technologies Pvt. Ltd, has raised $3.4 million (around Rs 21 crore) in a Series A round from a group of investors. While lead investor IIFL Seed Ventures put in $2.4 million (around Rs 15 crore), Kae Capital, FJ Labs, Singularity Ventures, GrowX Ventures, Tracxn Labs and Hong Kong-based Axis Capital contributed the rest, a company statement said.
Fynd will use the capital to accelerate growth, enhance its consumer base, strengthen tech infrastructure, and optimise operations including marketing strategies, the press note added.
The funding is an extension of the Series A rounds that the startup had raised in March and May, where it secured $1 million in total from Silicon Valley-based venture capital fund Rocketship and seed investment platform Venture Catalysts.
In January, VCCircle exclusively reported that Fynd had secured funding from Snapdeal’s former chief product officer Anand Chandrasekaran, Arvind Sport Lifestyle’s chief executive Rajiv Mehta, and Livspace co-founder Ramakant Sharma.
“Fynd is going through an exciting phase. It is leading the way for offline to online commerce in India and it is the right time for it to accelerate its growth strategy by reaching out to a large number of end consumers as well as enterprise clients,” Purvi Parkeria, senior vice president at IIFL Seed Ventures, said in the statement.
IIFL Seed Ventures Fund is the venture capital and private equity arm of wealth management firm IIFL Wealth & Asset Management.
Fynd sources products such as apparel, shoes and bags directly from nearby outlets, and delivers them to consumers in four to 24 hours. Customers can return the products if they are not satisfied. The company also offers ‘Fynd Store,’ a product that enables managers at stores to place an order on behalf of their walk-in customers in case the desired product is currently not available in the store. The product is then delivered directly to the customer’s address.
Fynd, founded in 2013 by Farooq Adam, Harsh Shah and Sreeraman MG, raised seed investment in the same year from Kae Capital, advocate Jehaan Mehta, and a group of angel investors from Powai Lake Ventures. In 2015, it secured further funds from Kae Capital and Snapdeal founders Kunal Bahl and Rohit Bansal.