Fashion e-commerce portal Fynd on Tuesday announced raising of USD 500k from Silicon Valley-based Rocketship with an extension of the Series A funding round wherein the fashion e-commerce portal had raised USD 500k from Venture Catalysts in March.
With the funding, 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.
It 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.
"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," said co-founder Fynd, Harsh Shah.
"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," said Partner Rocketship, Sailesh Ramakrishnan.
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.
It 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.
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