India's leading and fastest growing seed investment and innovation platform Venture Catalysts announced its participation in Series A funding round of Fynd, the unique fashion e-commerce portal with USD 500k.
Fynd is India's first and largest online to offline e-commerce fashion marketplace. The platform is also the only 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, thus ensuring authenticity and timely delivery of the product. Gauging the immense potential of Fynd, Venture Catalysts was one of the key investors in the funding round which also saw participation from other prominent industry names.
Fynd seeks to leverage the venture capital firm's extensive market expertise and industry-wide outreach and connections to further enhance its consumer offerings as well as brand strategy. Displaying their confidence on the potential of the platform, 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 have also invested in Fynd in Pre series-A round.
"Fynd is a promising e-commerce venture which provides an innovative solution to every online shopper's most basic problem product delivery. 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," said co-founder Venture Catalysts, Dr. Apoorv Ranjan Sharma.
"Venture Catalysts will provide Fynd with best-in-class mentorship to eliminate operational bottlenecks, accelerate its growth rate, and achieve sustained success. We are confident this promising business idea has the true potential to become a household brand in India," added Sharma.
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"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," said co-founder Harsh Shah, Fynd.
Having facilitated investments to the tune of Rs. 30 crore in 15 start-ups nationally and overseas in the past one year, Venture Catalysts has established its position as the most active angel investment network in the country.
The platform enables seed funding in the region of USD 100,000 to USD one million into promising early-stage and mid-stage ventures across a range of high-growth sectors such as e-commerce, fintech, artificial intelligence, and logistics etc, and currently, has more than 2000 investors associated with it.