Fynd: Founders, Funding, Business Model And Competitors

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About Fynd

           “FYND Fashion like never before!”

Fynd, India’s largest unique fashion e-commerce portal with real-time inventory access over 8.5k+ stores bringing up the latest in-store fashion online. The omnichannel portal channelizes to offer the best brands with a combination of fashion touch along with the superior customer services to growing clientele.

Fynd brings up the trending and desired products faster with the user-friendly online shopping platform. They provide the top quality products from clothing and footwear to jewelry and accessories offering the biggest brands in India, aspiring to bring the latest trends. Be it any occasion the team brings out the fashion in you with ethnic, formal or wedding, party or casual, footwear and many more. It gives the power to flaunt your style.

Story of Fynd

Founders & Foundation

Fynd is a Mumbai-based firm, incepted in 2012 as “Shopsense Retail Technologies Pvt Ltd.” a B2B retail and inventory management solution by the trio Farooq Adam, Harsh Shah, and Sreeraman M.G. later in November 2015 the company pivoted to “Fynd” omnichannel portal which is a B2C online marketplace to offer fresh fashion to every Indian customer like no other e-commerce player.

Fynd Trio

Farooq Adam and Harsh Shah were the colleagues from the Opera Solutions both come from the IIT background whereas Sreeraman M.G. is a former graphic designer at PaGaLGuY.com as a user Interface design work and print work like tee shirts and stationery, is also graduated from IIT Bombay as an M.Des, Interaction Design.

Technology as a weapon; Social Media as a boon

For the ever-growing Fynd, technology played a vital role and APIs are the backbone of business growth. The company launched its iOS and Android applications in November 2015 to reach a number of the fashion lover. The Fynd team worked on strategies like campaigning and exploring large marketing channels in means of communication, creating a buzz on social media and capitalize on technology. The results gained a positive notion for the company and followers by seeing phenomenal growth, and to their surprise, the company clocked 100k app downloads by the end of February 2016 and more than 1 million downloads by 2017.

Some changes in the key products helped Fynd to drive traffic including reducing the app size from 11 MB to 6 MB for better CPI and conversion rates.They migrated the backend infrastructure to AWS to deliver a quick shopping experience.

Facebook Analytics also helped them in measuring funnel drops across critical metrics, create and measure user activity, track revenue metrics, etc. A Facebook Messenger platform and AI-powered bot, Fify enables to engage customers with personalization and interaction. The company’s mission is to give a new definition and push the envelope on how shopping is be done by leveraging the use of this channel massively.

Business Model and Revenue

Fynd runs on an Online-to-Offline model(O2O) providing a hassle-free delivery by maintaining a Business-to-Consumer relationship to offer everything a customer or a client needs. The annual revenue of the company is estimated to be $1.7 M.

Fynd Funding

Fynd has raised a total amount of $7.3M. In March 2018, an undisclosed amount of funding was raised in its Series C round led by Google and existing investors including Kae Capital, IIFL, Singularity Ventures, GrowX, Tracxn Labs, Patni family office, Venture Catalyst, and Hong Kong-based Axis Capital.

Competitors

Koovs, W, LimeRoad, Yepme remained the tough competitors for Fynd in India.

The strategies they play and the proper leveraging of technology made them to remain as a phenomenal company with the multiple brands and products creating a trend in the online market.

“Fynd” Facts!

One thing that makes the company unique and trending is because it partners with offline brand stores namely AND, Fossil, Global Desi, Blue Sequin, Pepe Jeans, Caprese, and many more popular brands to give users the latest fashion at in-store prices like any e-commerce startup to achieve a good number of app downloads for accelerating growth.

The company took a bold decision to stop the Cash On Delivery(COD) operation because of the Return To Origin (RTO) increase in number by their stats. The key reason is due to customers messing up with the payment process and some issues with the affiliated networks.

At present, Fynd receives inventory data from stores in 42+ cities serving customers across India with more than 7 million users nationwide.