Online Fashion Marketplace,Fynd, has clinched an undisclosed amount of funding from Snapdeal’s former Chief Product Officer Anand Chandrasekaran.
Rajiv Mehta Chief Executive Officer of Arvind Sports Life style Ltd., and Ramakant Sharma Ex- VP Engg. Myntra and Co-Founder of Livspace have also participated in the round.
The raised capital will be used at reinforcing Fynd’s unique market stance and enhancing its tech infrastructure to deliver seamlessly on its value proposition.
Online Fashion Marketplace Fynd was founded by Farooq Adam, Harsh Shah, and Sreeraman MG in Mumbai, Fynd initially started as Shopsense Retail Technology Pvt. Ltd. in 2012, the company pivoted to Fynd in November 2015.
Fynd gathers the latest in-store inventories online much before any other e-commerce player. It optimizes delivery time by sourcing products from the outlets nearest to the customer. All the three investors come with best-in-breed experience and knowledge in the space of fashion e-commerce. Their expertise will be invaluable for Fynd to gain more exposure and build a better product.
Commenting on the funds received, Fynd Co-founder, Harsh Shah said, “Early last year, we completed the preliminary testing of our business model and were scaling up our business from Mumbai to nationwide. At that time we realized the need of expertise from industry majors who can actually guide us in building our product and also give us better industry exposure along with continuous feedback on our efforts. Around the same time, Anand, Ramakant, and Rajiv amongst others showed interest in our concept and the company and decided to help us in achieving our goals. Our major purpose of raising the round wasn’t to gain more capital but to partner with stakeholders who can actually help us with their experiences and expertise.”
Recently, Fynd had launched a new feature called ‘Fynd Store’providing retailers an opportunity to increase sales through omni-channel user-engagement. The new feature enables brands to capture the maximum number of sales, build sustainable loyalty and benefit from cross-selling opportunities across different stores of the same brand. By making use of technology and investing in constant innovation, Fynd is constantly working to offer Indian fashion enthusiasts an unparalleled shopping experience and with this latest round of funding it will be able to deliver better on its brand promise.