Fynd, an online fashion discovery portal, has announced the close of its Series A funding round after raising ₹21 crores ($3.4 million). The round was led by IIFL Seed Ventures and also saw participation from early investor Kae Capital along with Singularity Ventures, Rocketship.vc and FJ Labs.
Along with them, GrowX, Traxcn Labs, Hong Kong-based Axis Capital and angel network platform Venture Catalysts have also participated in the round.
The company will now use the funds to expand the network of brands on the portal and also the number of stores it plans to integrate with. Harsh Shah, CEO of the company, said,
We have another 140 brand partnerships in the pipeline and should have them on-board in the next six months. We want to reach a target of fulfilment from 30 stores by the end of the year from the 23 stores we currently have.
Based in Mumbai, Fynd is an online shopping platform founded by a trio of co-founder namely, Farooq Adam, Harsh Shah, and Sreeraman MG back in 2013. The company aims to simplify the online-to-offline retail chain and serve its customers speedily.
Fynd’s business model revolves around sourcing the products from nearby physical stores and delivering them to the customers in under 24 hours. It directly sources products across various categories including clothing, footwear, jewellery and accessories, from over 200 brands and 8,000 stores across the country.
With an integrated system that allows for speedy delivery within four to six hours, Fynd claims to contribute between 3 and 4% of in-store sales for brands on its platform.
Fynd is currently operational in over eleven cities alongside tie-ups with over 250 major brands. The company sources its inventory data from over 8,000 stores in cities including New Delhi, Mumbai, Bengaluru, Amritsar, Guwahati, and Kochi.