Fashion eCommerce portal, Fynd has closed its Series A round of funding at ₹21 Crore ($3.4 million) with the latest raise of ₹15 Crore ($2.4 million) from IIFL Seed Ventures. Other investors who participated in the funding round include Kae Capital, FJ Labs, Singularity Ventures, GrowX, Traxcn Labs and Hong Kong-based Axis Capital. The portal deals with fashion accessories, buying and selling of products by connecting with other brands. The platform is trying to leverage the capital infusion for accelerated growth, to enhance its consumer base, strengthen its tech backbone and to optimise its operations including marketing strategies.
Speaking on the development, Harsh Shah, Co-founder – Fynd commented that “Fynd is growing steadily and has managed to seal on some exciting partnerships in the past few months. Thanks to its unique business model it has also managed to win tremendous investor confidence. Our vision is to revolutionise the online and offline shopping experience across all channels and customer touch-points and reach out to more customers in the coming months. The capital raised in our Series A round of funding will help us further bolster our growth trajectory and enhance our tech capabilities.”
Previously, Fynd had raised ₹3 Crore ($500K) from Venture Catalysts and ₹3 Crore ($500K) from Silicon Valley-based Rocketship. Fynd is providing world class inventory and enables customers to discover fashion in real-time and know the exact specifications of the products available so that they can make the product more resourceful and usable.