After investing in hyper-local startup Dunzo, Google makes another direct investment in Indias fashion e-commerce startup Fynd in Series C funding round. The amount invested was not disclosed.
Existing investors who took part in this funding round were Kae Capital, IIFL, Singularity Ventures, GrowX, Tracxn Labs, Venture Catalyst, Patni family office and Hong Kong-based Axis Capital.
In 2013, the Mumbai-based startup Fynd was founded by Farooq Adam,Harsh Shah,and Sreeraman Mohan Girija. The startup offers all the fashion products from clothing to accessories on its platform. The company claims to have 8000 fashion retail outlets all over India.
Shah said, Fynd is growing steadily and has managed to seal some exciting partnerships in the past few months. Our vision is to revolutionize the online and offline shopping experience across all channels and customer touch-points. We expect that the capital raised will help us further bolster our growth trajectory.
Seema Rao, Head of Corporate Development of Google India, Fynd has built an impressive, tech-first platform that has tremendous potential to scale within and beyond fashion and India. It's unique store-driven commerce approach, without inventory or warehouses, gives it a unique position in the marketplace."
In March, the startup raised $500,000 funding from Venture Catalysts. In May, it further raised $500,000 in Series A round led by Silicon Valley-based VC fund Rocketship. In June, the startup also secured 43.4 million from multiple investors.
According to The Boston Consulting Group and Facebook joint research report, the Indian fashion e-commerce market is pegged to reach $12-$14 billion by 2020.