Seed investment and innovation platform Venture Catalysts participated in Series A funding round of fashion e-commerce portal Fynd with $500k. Fynd is the fashion e-commerce portal in India which makes the in-store inventories available online before any other e-commerce networks. Its value proposition includes sourcing products from brand stores nearest to the customer. Venture Catalyst says it saw potential in Fynd and thus was one of the key investors in the funding round, which also saw participation from other industry names.
Speaking on the investment decision, Dr. Apoorv Ranjan Sharma, Co-founder, Venture Catalysts said, “The platform has performed splendidly in terms of product fulfillment and maintained seamless customer experience through unsurpassed quality and an array of brands. These factors have converted its buyers into loyal patrons.”
Fynd will be looking to enhance its consumer offerings as well as brand strategy by leveraging the venture capital firm’s extensive market expertise and industry-wide outreach and connections. Dr. Sharma adds, “Venture Catalysts will provide Fynd with best-in-class mentorship to eliminate operational bottlenecks, accelerate its growth rate, and achieve sustained success.”
Commenting on the funds received, Fynd Co-founder, Harsh Shah said, “Early last year, we completed the preliminary testing of our business model and were scaling up our business from Mumbai to a pan-India presence. At that time we realized the need of expertise from industry majors who can actually guide us in building our product and also give us better industry exposure along with continuous feedback on our efforts.”
Other investors that showed confidence in Fynd include, Anand Chandrasekaran, Facebook executive and former Chief Product Officer at Snapdeal, Rajiv Mehta, CEO of Arvind Sports, and Ramakant Sharma, Co-founder of Livspace and former VP of Myntra.
Harsh adds, “Our major purpose of raising the round wasn’t to gain more capital but to also partner with mentors who can actually guide us with their experiences and insights.”