03 January 2016, India:
Fynd, the unique fashion e-commerce portal, has clinched an undisclosed amount of funding from Snapdeal’sformer Chief Product Officer, Anand Chandrasekaran. Rajiv Mehta, Chief Executive Officer of Arvind SportsLifestyleLtd., and Ramakant Sharma, Ex- VP Engg. Myntra and Co-Founder of Livspace have also participated in the round as per reports by TechCircle.
By joining hands with industry doyens at this key juncture of its evolution, Fynd aims to leverage their expertise and bolster its market leadership position as India’s first and largest online to offline e-commerce fashion marketplace.
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.”
Founded by Farooq Adam, Harsh Shah, and Sreeraman MG, Fynd is a unique fashion e-commerce portal which brings the latest in-store fashion online before any other e-commerce player. The O2O company directly sources products across various categories including clothing, footwear, jewellery and accessories, from the most prominent brands in the country.
It optimizes delivery time by sourcing products from the outlets nearest to the customer. The latest investment will further look at reinforcing Fynd’sunique market stance and enhancing its tech infrastructure to deliver seamlessly on its value proposition. 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.