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Mumbai-based Fynd, an omnichannel lifestyle fashion e-commerce platform that sources its inventory directly from brand stores, has said it has closed its Series C round of funding.
The firm raised undisclosed funds from Google, the lead investor. The round also saw active participation from Kae Capital, IIFL, Singularity Ventures, GrowX, Tracxn Labs, Venture Catalyst, the Patni family office and Hong Kong-based Axis Capital.
In April 2017, Fynd had raised funding, led by IIFL with participation from New York-based FJ Labs, Silicon Valley-based Rocketship and other existing investors, Harsh Shah, co-founder, said in a statement.
With 8,000-plus outlets on board, Fynd’s proprietary inventory integrations enable customers to discover fashion in real time and know specifications of the available products, he said.
“Our vision is to revolutionise online and offline shopping experience across all channels and customer touch-points. We expect the capital raised to help us further bolster our growth trajectory.”
Fynd has built a tech-first platform that has potential to scale within and beyond fashion and India, said Seema Rao, Head of Corporate Development - India, Google. It is a store-driven commerce approach, without inventory or warehouses, which gives it a unique position in the marketplace.
Fynd’s latest round of funding will enable it to further enhance the way it engages with consumers and retailers in a better way. The O2O (online-to-offline) platform directly sources products across various categories including clothing, footwear, jewellery and accessories from the prominent brands in the country (via their in-store inventory), and brings them online. The platform’s in-store product, Fynd Store, helps brand stores save their in-store sales which otherwise are lost due to unavailability of the product.
Its integrated system allows for speedy delivery within four-six hours, and an assurance of product quality, the company said.
Initially incepted as Shopsense Retail Technology in 2012, the company rebranded as Fynd in November 2015.
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