Underlining its commitment to offer superior customer experiences with real time fashion discovery, Fynd, the unique fashion e-commerce portal, recently raised follow-up funds of US $500k from Silicon Valley-based Rocketship.
This new capital has been raised in an extension of the Series A funding round wherein the fashion e-commerce portal had raised US $500k from Venture Catalysts in March. Fynd seeks to chiefly utilise the funds to strengthen its tech backbone, optimize its operations and further enhance its customer offerings as well as strategies.
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 Ltd., 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, Co-founder, Fynd, 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. We’re excited to grow with the support of our investors not only through their capital infusion but also through their extensive domain knowledge and vast strategic experiences.”
Partner, Rocketship, Sailesh Ramakrishnan said, ”Fynd unlocks the inventory in the store to get you exactly what you need with the convenience of an app. They are revolutionizing 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. Rocketship is happy to be a part of its growth story.”
Rocketship leverages data science and machine learning to identify companies with a sustainable growth engine at their core. It was the thumping success of Fynd’s EOSS campaign (The Grand Brand Sale) held in July 2016 that caught the attention of the VC firm. Rocketship received an indication about the enormous response that Fynd was getting during the sale period on its portal and decided to invest in it.
The firm’s founders, Venky Harinarayan and Anand Rajaraman, previously co-founded Kosmix, a social search and data start-up that was acquired by Walmart in 2011. They also launched search start-up Junglee, which was acquired by Amazon in 1998, and they later played key roles in developing Amazon’s Mechanical Turk.