Haryana, India based fashion B2B startup Fashinza has secured a fundraise of US$ 20 million in a venture funding round held on August 2, 2021. Accel Partners and Elevation Capital led the financing round, including the participation of Stride Ventures, Abu Dhabi’s DisruptAD, Alteria Capital, and TradeCred. Founder of fashion label Bhaane Anand Ahuja and wife Sonam Kapoor Ahuja also backed the startup, announced in a press statement.
It aims to create sustainable and futuristic supply chains for notable Indian as well as global fashion brands while improving the lives of workers.The fundraise comes just 6 months after its seed funding round of US$ 2.6 million from Accel and Elevation Capital, according to the data on crunchbase.
Fashinza will use the latest capital to invest in supply-chain technology and expand its prominence and manufacturers’ port globally, majorly in the US and the Middle East, it added.
What the CEO has to say
Fashinza CEO and co-founder Pawan Gupta, comments, “Fashinza has grown over 20x in the last 12 months. COVID has ceased travel and complicated the global apparel supply chain. Our AI-led technology platform automates everything from finding the right supplier to managing production across stakeholders.”
Gupta added, “By 2030, we want to build an environmentally net positive supply chain at a scale that doesn’t even cost extra.”
What the Investors have to say
Accel Partners, Principal Pratik Agarwal, said, “At Accel, we’re delighted to deepen our commitment and relationship with the Fashinza team. Their electric execution against their vision inspires us to help fashion brands adapt to the e-commerce era with Fashinza’s agile manufacturing capabilities. We also admire Abhishek’s and Pawan’s priority to build a strong leadership team very early on. The early success Fashinza has achieved serving global brands validates the massive opportunity they’re going after. We’re confident Fashinza can serve as a role model for more Indian startups building for the world from the get-go. We’re grateful for this partnership and super excited for the future!”
Elevation Capital Vice President, Akarsh Shrivastava, remarked, “COVID-19 has further underscored the need for agility and responsiveness for brands. Over the past year, Fashinza has been able to design and deliver an offering that addresses multiple issues in the supply chain, thereby alleviating this need for their brand customers and supplier base. Growth and customer satisfaction have only strengthened our belief in the opportunity. It has been a pleasure and privilege to work with Pawan, Abhishek and the rockstar Fashinza team as they disrupt this $600 bn opportunity. Super thrilled to deepen our commitment and relationship with Fashinza.“
Abhishek Sharma, Jamil Ahmad and Pawan Gupta started Fashinza with the aim of supporting small and medium ethical factories that employ many thousands of workers and attend to global demand to reduce environmentally unsustainable methods of industrial overproduction. It operates with brands across 10 nations like Centric Brands, Forever21, noon.com, Amaro and Clovia.
The one-year-old startup operates in everything ranging from design to delivery of their partner by rendering end-to-end online ordering, complete production, tracking the product delivery from the factory floor to its delivery destination, low minimum order quantity, and fast and upright composition. Whilst connecting family-run small and mid-sized audited warehouses to the cloud with their mobile-based production control and visibility software, the company claims to have over 400 ethical partner factories across countries like India, Bangladesh, China, and Sri Lanka. For more details, visit https://fashinza.com/.
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