Fynd

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Fynd
Shopsense Retail Technology Private Limited d/b/a Fynd
Type of businessPrivate
Type of site
E-commerce
Available inEnglish
Founded2012; 9 years ago (2012)
HeadquartersMumbai, India
Area servedIndia
OwnerReliance Industries (87.6%)
Founder(s)
  • Farooq Adam
  • Harsh Shah
  • Sreeraman MG
Products
  • Fynd Marketplace
  • Fynd Store
Services
  • Online shopping
  • B2C
  • B2B
Employees250+
Websitewww.fynd.com
AdvertisingNo
CommercialYes
RegistrationRequired
Current statusActive

Shopsense Retail Technology Private Limited, d/b/a Fynd is an Indian e-commerce company based in Mumbai, Maharashtra, India. It provides an omnichannel, online-to-offline platform to fashion retailers, by sourcing products and getting their inventory on its online marketplace.[1]

Fynd was founded by Farooq Adam, Harsh Shah and Sreeraman MG in Mumbai, India, in September 2012.[2] The company initially started as Shopsense, a specialized service to improve consumer experience with brands to make a better buying experience for its users. In 2015, the company rebranded itself to Fynd and launched its platform as an online marketplace.[3] Fynd introduced two products, Fynd Marketplace for vendors and Fynd Store for customers.[4][5]

As of March 2020, Fynd has raised over $4.4 million in seven funding rounds.[6] In August 2019, Reliance Industries (RIL) announced that it has acquired an 87.6% stake in Fynd for $42.33 million with an option to invest another ₹100 crores next year.[7][8][9][10]

History

Fynd was founded in 2012 by Farooq Adam, Harsh Shah and Sreeraman MG, alumni of IIT Bombay and formerly worked for technology companies. Fynd initially focused on selling lifestyle products from branded stores. Soon, they created a technology platform for merchants to manage their sales across multiple sales channels, including e-commerce platforms. They worked on creating an all service platform for vendors as Fynd.com. Following its launch, Fynd slowly and gradually grew in prominence and was receiving several orders per day. In 2016, the company launched Fify, a conversation bot to offer personal virtual shopping assistant experience to their users.[11][12]

As of 2020, over 600 fashion brands and 9,000 stores are connected through Fynd’s platform across India.[13][14]

Products and Services

In 2015, Fynd launched their mobile application for Android and iOS users and began fulfilling orders from fashion stores.[15] Next year, the company launched an omnichannel in-store product, to connect online and offline retail.[16][17][18]

In 2019, the company launched a direct-to-retail (B2B) application which allowed shopkeepers in Tier 2 and Tier 3 cities to expand their online business.[19] In the same year, Fynd launched an AI-based tool, a Google Chrome extension for searching visually similar products.[20][21]

The company claims to operate pan-India and does not own any warehouse or logistics unit.[22] Fynd has helped brick-and-mortar businesses sell their products to consumers through their online store.[23] The company focused on building partnerships with vendors, who were not selling online and targeted the emerging growing online industry in India.[24]

Operations

Fynd uses its platform to process thousands of orders placed on its website every day. Orders are forwarded to their vendors, who pack, label, and weigh the boxes. The boxes are recorded and given to the logistics and delivered by them to the users.[25]

Fynd is based in Mumbai, India. It began service in the major metropolitans of India and as of 2020, it now serves all major cities in India.[26]

Funding

Initially, Fynd raised fundings from Kae Capital and a few angel investors in their seed round.[27] Later, Fynd raised multiple fundings in 2017: first, an undisclosed funding from Anand Chandrasekaran, Chief Product Officer of Snapdeal;[28] then in March it raised $500,000 from Venture Catalysts.[29][30] Two months later, the company again raised $500,000 in Series A from Silicon Valley-based venture capital fund Rocketship.[31] In June 2017, the company received $3.4 million from IIFL Seed Ventures, Venture Catalyst and others.[32][33][34][35]

In March 2018, Fynd announced that it had raised an undisclosed amount of funding in its Series C round led by Google with participation from previous backers.[36]

In August 2019, Reliance Industries announced that they have acquired a major stake of 87.6% in Fynd for 295 crores with an option to further invest up to ₹100 crores by December 2021.[37][38][39]

In the media

                    

References

  1. www.ETtech.com. "Google backs O2O fashion commerce platform Fynd - ETtech". ETtech.com. Retrieved 2020-04-01.
  2. "Sreeraman M.G : IIT Dropout to Co -founder of India's Demanding Online Fashion Shopping Platform FYND.com". Indian Online Spices. 2019-09-29. Retrieved 2020-04-01.
  3. "Fashion Ecommerce Portal Fynd Closes Series A With $3.4 Million". Forbes India. Retrieved 2020-04-01.
  4. Gooptu, Biswarup (2018-03-30). "O2O-focused fashion marketplace Fynd raises fresh capital in round led by Google". The Economic Times. Retrieved 2020-04-01.
  5. "Fashion portal Fynd launches omni-channel in-store product 'Fynd Store'". Techcircle. 2016-12-14. Retrieved 2020-04-01.
  6. "Reliance to acquire Google-backed fashion portal Fynd". VCCircle. 2019-08-05. Retrieved 2020-04-01.
  7. "Reliance Industries to buy 87.6% stake in Fynd for Rs 295 crore". www.businesstoday.in. Retrieved 2020-03-31.
  8. "Reliance Industries to acquire stake in Shopsense Retail for ₹295 crore". Livemint. 2019-08-04. Retrieved 2020-03-31.
  9. "Reliance to acquire Google-backed fashion portal Fynd". VCCircle. 2019-08-05. Retrieved 2020-03-31.
  10. "Reliance Industries To Buy 87.6% Stake In Fynd For Rs 295 Crore". NDTV.com. Retrieved 2020-03-31.
  11. "Fynd Launches Fify - A Conversational Commerce Bot For Fashionistas". Inc42 Media. 2016-05-10. Retrieved 2020-04-01.
  12. Shankar, Shashwati (2016-05-20). "Shopsense Retail Technology launches Fify - a personal virtual shopping assistant". The Economic Times. Retrieved 2020-04-01.
  13. Majumdar, Romita (2018-04-08). "Fynd helps fashion brands, stores find balance between offline and online". Business Standard India. Retrieved 2020-04-01.
  14. "India's Reliance to buy majority stake in Google-backed Fynd for $42.3M". TechCrunch. Retrieved 2020-04-01.
  15. AppsFlyer. "Boosting mCommerce Growth with Mobile Insights". AppsFlyer. Retrieved 2020-04-01.
  16. Bureau, Adgully. "Fynd launches new omnichannel in-store product 'Fynd Store'". www.adgully.com. Retrieved 2020-04-01.
  17. "Fashion portal Fynd launches omni-channel in-store product 'Fynd Store'". Techcircle. 2016-12-14. Retrieved 2020-04-01.
  18. Bureau, BW Online. "Fashion Based eCommerce Platform Fynd Launches New Omnichannel In Store Product Fynd Store". BW Disrupt. Retrieved 2020-04-01.
  19. "Indian apparel industry has seen it all in 2019". The Asian Age. 2019-12-27. Retrieved 2020-04-01.
  20. Chengappa, Sangeetha. "Fashion platform Fynd launches AI search tool". @businessline. Retrieved 2020-04-01.
  21. "Fynd Makes Shopping Easy With AI-Based Search Tool - Here's How - Inc42 | DailyHunt Lite". Dailyhunt. Retrieved 2020-04-01.
  22. S.H, Salman (2018-03-29). "Fynd, online fashion retail start-up, gets funding from Google, others". Livemint. Retrieved 2020-04-01.
  23. Bhatt, Shephali (2019-11-24). "Inside Indian Ecommerce sector's favourite logistics hub: Bhiwandi". The Economic Times. Retrieved 2020-04-01.
  24. S.H, Salman (2018-03-29). "Fynd, online fashion retail start-up, gets funding from Google, others". Livemint. Retrieved 2020-04-01.
  25. Shah, Harsh (2016-12-21). "Introducing Fynd Store: Omnichannel Retail Made Effortless". Medium. Retrieved 2020-04-01.
  26. Adam, Farooq (2017-12-06). "How we scaled Fynd's delivery coverage 40x overnight". Medium. Retrieved 2020-04-01.
  27. "Kae Capital Raises $30 Mn For Its Second Fund". Inc42 Media. 2016-02-05. Retrieved 2020-04-01.
  28. "Ex-Snapdeal exec Anand Chandrasekaran invests in fashion app Fynd". VCCircle. 2017-01-03. Retrieved 2020-04-01.
  29. "Fashion portal Fynd raises $500K from Venture Catalysts". VCCircle. 2017-03-27. Retrieved 2020-04-01.
  30. Malik, Yuvraj (2017-05-15). "Fashion marketplace Fynd raises $500,000 from US-based investor Rocketship". Livemint. Retrieved 2020-04-01.
  31. "Fashion portal Fynd raises $500K from Silicon Valley-based Rocketship". VCCircle. 2017-05-15. Retrieved 2020-04-01.
  32. "Fashion portal Fynd raises $3.4 mn from IIFL, others". VCCircle. 2017-06-21. Retrieved 2020-03-31.
  33. Bureau, Our. "Fynd secures $3.4 million in Series A round". @businessline. Retrieved 2020-04-01.
  34. "Fashion Ecommerce Portal Fynd Closes Series A With $3.4 Million". Forbes India. Retrieved 2020-04-01.
  35. Gooptu, Biswarup (2018-03-30). "O2O-focused fashion marketplace Fynd raises fresh capital in round led by Google". The Economic Times. Retrieved 2020-04-01.
  36. "India's Reliance to buy majority stake in Google-backed Fynd for $42.3M". TechCrunch. Retrieved 2020-04-01.
  37. "Ambani's Reliance to buy majority stake in Google-backed Fynd". The Economic Times. 2019-08-05. Retrieved 2020-04-01.
  38. Bansal, Varsha (2019-10-22). "Reliance to adopt tech solutions from retail tech firm Fynd". Livemint. Retrieved 2020-04-01.
  39. "Reliance to buy 87.6% stake in Fynd for ₹295 crore". Livemint. 2019-08-03. Retrieved 2020-04-01.

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