Fynd raises follow-up funds of $500k from Rocketship
May 18, 2017 - India
Underlining its commitment to superior customer experiences with real time fashion discovery, Fynd, the unique fashion e-commerce portal, has raised follow-up funds of $500,000 from Silicon Valley-based Rocketship. Fynd seeks to utilise the funds to strengthen its tech backbone, optimise its operations and enhance its customer offerings and strategies.
The new capital has been raised in an extension of the Series A funding round wherein the fashion e-commerce portal had raised $500,000 from Venture Catalysts in March 2017. Fynd will leverage the VC firm’s expertise in data mining and machine learning capabilities to emerge as a household name in the fashion e-commerce space.
The Series A funding comes close on the heels of the company’s undisclosed amount of capital raised from Snapdeal’s former chief product officer, Anand Chandrasekaran, Rajiv Mehta, chief executive officer of Arvind Sports Lifestyle and Ramakant Sharma, ex- VP Engineering, Myntra and co-founder of Livspace.
Currently, Fynd has 3.5 million styles live on its app and website and soon plans to roll out 3.5 million units more. Fynd also holds the largest inventory and offers a variety of styles from different categories. Through its technology and constant innovations, the fashion portal has been able to scale up in a successful manner.
Commenting on the follow-up funds received, Fynd co-founder, Harsh Shah said, “This follow-up investment proves that our compelling vision of emerging as the one-stop fashion e-commerce portal is soon to become a reality. Rocketship is the perfect match to help take Fynd to its next level of growth. The VC firm will help create value for Fynd by regularly monitoring our data, comparing it with our competitors and the market and sharing their insights with us.”
Sailesh Ramakrishnan, partner, Rocketship said, ”Fynd unlocks the inventory in the store to get you exactly what you need with the convenience of an app. They are revolutionising offline to online retail! Through its technology and constant innovations, it has tremendous potential in the Indian market. With further infusion of funds, Fynd is sure to disrupt the fashion e-commerce space.” (SV)