Fashion e-commerce firm Fynd raises about $500K as follow-up funds from Rocketship
1. Fynd had earlier raised $500,000 from Venture Catalysts in March
2. It plans to utilise the funds to strengthen its technology backbone, optimise operations, among others
In order to strengthen its technology and increase its offerings to customers, online to offline (O2O) fashion company Fynd has raised follow-up funds about $500,000 in Series A round from the US company Rocketship.
“This new capital has been raised in an extension of the Series A funding round wherein the fashion e-commerce portal had raised $500,000 from Venture Catalysts (VCs) in March,” Fynd said in a press release on Monday.
“Fynd seeks to chiefly utilise the funds to strengthen its tech backbone, optimise its operations and further enhance its customer offerings as well as strategies,” it further added.
Commenting on the follow-up funds received, Fynd co-founder, Harsh Shah said in a statement, “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.”
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, and Ramakant Sharma, ex- VP Engineering,Myntra and Co-Founder of Livspace.
Fynd is an online fashion e-commerce portal based out of Mumbai and it brings the in-store fashion online.
“Fynd unlocks the inventory in the store to get you exactly what you need with the convenience of an app. They are revolutionising offline to online retail! Through its technology and constant innovations, it has tremendous potential in the Indian market,” Rocketship partner Sailesh Ramakrishnan, said in a statement.
"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," Ramakrishnan further added.
Rocketship is based in Silicon Valley in the US and it leverages data science and machine learning to identify companies with a sustainable growth engine at their core.