This is the second direct investment by Google into an Indian startup after leading a $12 million funding in hyper-local concierge and delivery player Dunzo in December last year.
The round also saw participation from Kae Capital, IIFL, Singularity Ventures, GrowX, Tracxn Labs, Venture Catalyst, Patni family office and Hong Kong-based Axis Capital. The size of the funding remained undisclosed.
The company had earlier raised funding from IIFL with participation from New York based FJ Labs and Silicon Valley-based Rocketship in April last year.
Founded by Farooq Adam, Harsh Shah, and Sreeraman MG, Fynd directly sources products across various categories including clothing, footwear, jewellery and accessories, from the most prominent brands in the country and brings them online.
The company also has an in-store product called Fynd Store that helps brand stores save their in-store sales that could’ve been lost due to unavailability of the product. Fynd claims to have more than 8,000 outlets on board.
The company plans to use the funds raised to improve the way it engages with consumers and retailers. ET had reported in December that Google is also looking to build an ecosystem in India across high-frequency hyper-local transactions as well as in the healthcare, financial services, and education sectors.
“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.” said Fynd Co-founder Harsh Shah.
“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” said Seema Rao, Head of Corporate Development – India, Google.
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