Lifestyle omnichannel platform Fynd has closed its Series C round of funding led by Google, followed by an active participation from Kae Capital, IIFL, Singularity Ventures, GrowX, Tracxn Labs, Venture Catalyst, Patni family office and Hong Kong based Axis Capital among other angel investors in the round.
Fynd has a unique business model in the fashion segment where they source the products directly from the stores they represent and don’t operate any warehouse or stock point, except in their physical retail outlets.
In the previous round, FJ Labs (from New York) and Rocketship (from Silicon Velley) were the major investors from whom Fynd had raised funds in the last round.
They are practicing the emerging O2O (offline to online) model also and they feel the opportunity here is huge and the new association with Google would come quite handy they feel.
“Fynd is growing steadily and has managed to seal some exciting partnerships in the past few months. Our vision is to revolutionize the online and offline shopping experience across all channels and customer touch-points. We expect that the capital raised will help us further bolster our growth trajectory,” Fynd Co-founder, Harsh Shah said.
Another unique facet of the model adopted by Fynd is to go by the feedback they receive from customers and offer them what they precisely need and also provide full details of the product being displayed online.
“Fynd has built an impressive, tech-first platform that has tremendous potential to scale within and beyond fashion and India. Fynd’s unique store-driven commerce approach, without inventory or warehouses, gives it a unique position in the marketplace,” said Seema Rao, Head of Corporate Development - India, Google.
The categories Fynd sources for its platforms include clothing, footwear, jewellery and accessories and the brands they source these from, are among the best in the business. Fynd also has a section in-store which helps the brands gain business they might have otherwise lost. And they can make really fast delivery, inside of 4 to 6 hours.