Silicon Valley-based investor Rocketship.vc has invested $500,000 in fashion e-commerce marketplace Fynd, the latter said on Monday.
It follows Fynd’s $500,000 fund-raising from Venture Catalysts in March.
The firm will invest the funds towards scaling up technology and operations.
Rocketship’s other investment in India are Jugnoo (SoCoMo Technologies Pvt. Ltd). It invested a part of the $10-million series ‘B’ round the auto-rickshaw hailing app raised in April 2016.
Rocketship will also mentor Fynd in data mining and machine learning capabilities, helping it enhance the customer experience and optimize user acquisition costs. “The VC firm will help create value for Fynd by regularly monitoring our data, comparing it with our competitors and the market and sharing their insights with us,” Fynd’s co-founder Harsh Shah said.
Fynd, managed by Mumbai-based Shopsense Retail Technologies Pvt. Ltd, is backed by Kae Capital and angel investors Anand Chandrasekaran, a former Facebook executive, Rajiv Mehta of Arvind Sports, and Ramakant Sharma, co-founder of online home design start-up Livspace. The company claims it offers same or next day delivery in 11 cities.
Source: Mint