Fynd, a fashion e-commerce portal, has closed a $3.4 million Series A round of funding. The company raised $2.4 million from lead investor IIFL Seed Ventures with participation from Kae Capital, FJ Labs, Singularity Ventures, GrowX, Traxcn Labs and Hong Kong-based Axis Capital.
Fynd had earlier raised $500K from Venture Catalysts in March and $500K from Silicon Valley-based Rocketship in May in its series A round.
The company operates in the offline-to-online (O2O) commerce space and directly sources products across various categories including clothing, footwear, jewellery and accessories, from brands via their in-store inventory and brings them online.
It also has a product called ‘Fynd Store’ that helps the brand stores save their in-store sales. ‘Fynd Store’ helps the managers place an order on behalf of their walk-in customers in case the desired product is currently not available in their store which is then delivered directly to the customer’s address, thus helping brands save the sales which otherwise would have been lost.
More developments in the O2O space
Earlier this month, Paytm Mall, dipped its toes into O2O commerce. The e-commerce arm of One97 Communications will catalog inventories of physical shops to enable discovery of products online. Customers who walk into the shops to scan the Paytm Mall QR code will be able to follow the store online, place orders and get offers. Retailers also get access to customer analytics for better targeting of existing users. Consumers can buy products from their local retailers while also getting access to same day or next day delivery through the O2O model.
JustDial, which leveraged their listings business, built e-commerce capabilities. JustDial started aggregating offline vendors such as neighbourhood electronics shops: Once a buyer selects a product, she is given the best quotes from vendors from that city. Meanwhile, the company had launched a new product called JD Omni, now on put on ice as it fixes the pricing. Essentially, JD Omni was an inventory management product to help small businesses manage their online and offline sales.