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Fynd raises $500K Series A funding from Venture Catalysts
27
Mar '17
Fynd, an online to offline (O2O) e-commerce fashion marketplace, has raised $500,000 in Series A funding round from Venture Catalysts and other investors. The fresh capital will help the Mumbai based company to further expand its offerings. The company will continue to partner with key industry stakeholders who will help Fynd increase operational efficiency.
 
The Series A funding also received investment from existing investors like Anand Chandrasekaran, Facebook executive and former chief product officer at Snapdeal; Rajiv Mehta, CEO of Arvind Sports, and Ramakant Sharma, co-founder of Livspace and former VP of Myntra. Fynd had earlier raised funding from Kae Capital, Powal Lake Ventures and Jehaan Mehta.
 
“Fynd is a promising e-commerce venture which provides an innovative solution to every online shopper’s most basic problem – product delivery. The platform has performed splendidly in terms of product fulfillment and maintained seamless customer experience through unsurpassed quality and an array of brands. These factors have converted its buyers into loyal patrons,” said Dr. Apoorv Ranjan Sharma, co-founder, Venture Catalysts.
 
“Venture Catalysts will provide Fynd with best-in-class mentorship to eliminate operational bottlenecks, accelerate its growth rate, and achieve sustained success. We are confident this promising business idea has the true potential to become a household brand in India,” he added.
Speaking on the fundraise, 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 a pan-India presence. At that time we realised 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.”
 
“Our major purpose of raising the round wasn’t to gain more capital but to also partner with mentors who can actually guide us with their experiences and insights,” he added.
 
Fynd was founded by three entrepreneurs—Harsh Shah, Sreeraman MG and Farooq Adam—in 2013. The O2O company sources products directly from the brands and delivers them to customers in a quick time. (RKS)

Fibre2Fashion News Desk – India


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