TimesTech: How has Fynd’s journey been so far? Please give a brief about the company? What is the difference between Fynd and Fynd Platform?
Farooq: Fynd is India’s largest omnichannel platform helping retail businesses accelerate growth. Our journey so far has been an adventure and full of learnings. Early on we established core values that drive our culture and act as our guide. Our team is currently at 300 and we are looking to hire around 100+ engineers this year.
At Fynd we are looking to transform the retail landscape with innovative solutions. Our customers range from large enterprises to upcoming entrepreneurs and our retail solutions connect businesses to their customers, be it online or offline. We recently launched Fynd Platform, a no-code ecommerce platform that helps entrepreneurs launch their online website and even sell on marketplaces. Since the launch, we have noticed entrepreneurs, especially designers who previously only used internet platforms like Instagram, Facebook etc. for selling, are now using Fynd Platform to deliver a seamless shopping experience to their customers. Leveraging Fynd Platform, these stores launched their online business swiftly and witnessed a 20%-30% increase in business.
Fynd.com is our ecommerce website powered by 530+ brands selling directly from their brand stores.
TimesTech: Retail tech (and the omnichannel sector) is booming in India and abroad. How is Fynd planning to cater to this market?
Farooq: Our omnichannel platform enables integrated stock visibility for physical stores, online websites, and marketplaces, helping brands manage orders, inventory as well as logistics on a single platform. Today brands, even the ones who were resistant before are moving online or at a stage where they are in the process of making the shift. Be it home shopping or utilizing store inventory to start selling online, retailers are trying to find innovative ways to reach their customers.
Since our omnichannel platform enables full visibility of inventory, our brands were already in a better position during the pandemic. With the pandemic progressing rapidly and the subsequent lockdowns, we analysed the industry needs and came up with solutions that support retail while reducing costs and delivery timelines for brands. A great example would be that physical stores were closed to the public due to restrictions. But due to integrated inventory, they were able to act as warehouses and ship out products to customers, helping brands utilize all their locations to move out stock while meeting the demands of online customers.
We have also added useful features to help brands reach customers at home- virtual assistance, POS, a bigger selection of logistic partners and more. Additionally, Fynd Store is also innovatively being used by the store staff to share product information with loyal customers and drive assisted transactions. Uniket, our Smart Wholesale solution has partnered with Rupifi to enable credit for SME’s at the point of purchase.
We currently have 600+ brands and 10K+ stores across the country working with us and are continuously working towards adding newer features and integrations that serve their needs.
TimesTech: What was the mission & vision behind starting the venture?
Farooq: We are looking at powering delightful shopping experiences for everyone, everywhere. Our vision is to bring the focus back to customers and drive interactions within the brand’s omnichannel ecosystem—ultimately, unlocking sales and engagement.
TimesTech: Who are your competitors in the market & what distinctive Fynd has to offer from them?
Farooq: In the past 9 years, we have grown rapidly to become the most sought after omnichannel platform in India. Our brand store integrations, tech platform and ecosystem partnerships allow us to work with everyone in the industry.
TimesTech: How has the pandemic affected the working of the company?
Farooq: Last year when the pandemic hit and even before the lockdown was enforced, our first measure was to ensure remote work for our people. We urged our teams to stay safe at home, and if possible return to their hometowns to be in the company of their families. Next, we set up a 24×7 COVID Helpdesk to facilitate immediate help in case of symptoms, and secure access to COVID testing and medical care. We cover 100% of Term Insurance and Employee Health Insurance. Ever since the pandemic, we have doubled the health coverage for employees and their dependants to reduce the financial burden of those hospitalised due to COVID. The past year made us realize the importance of both physical and mental well-being and we have carefully introduced activities and programs like Fynd Well-Being, Flex University, Yoga and Meditation etc. that facilitate individual and social engagement.
TimesTech: Are there any future plans to work with Indian central or state government?
Farooq: Not at the moment
TimesTech: What innovative technologies have you invested in for Fynd?
Farooq: We believe technology and ecommerce are only going to get bigger. In the next 5 years, we see ourselves as one of the best and fastest-growing technology company serving the needs of our customers. To get there, we need to continue building our omnichannel platform and add innovative products that bring steady revenue to the mix, while aligning our teams and partners to work towards the goal.
TimesTech: Tell us about the future of Fynd and Fynd platform?
Farooq: The world is going through a lot of changes right now. But we are one of the biggest markets in the world and have a young population that will shape our growth. We believe technology and ecommerce are only going to get bigger. We are looking at doubling our efforts for both Fynd.com and Fynd Platform to deliver a truly exceptional product to the retail market. In addition to these, we are also exploring AR and AI-based technology applications that we will be launching soon.