India-based AI-driven B2B marketplace for fashion brands and retailers Fashinza raised USD 100 million in the Series B funding. The round took place on May 17, 2022. Prosus Ventures, formerly known as Naspers Ventures, and Westbridge led the financing for Fashinza. Meanwhile, the round also saw existing investors Accel, Elevation, and ADQ participation. Angel investors such as Naval Ravikant, Jeff Fagnan, Jake Zeller, Nivi and Nitesh Banta invested in the company. The funding round is a combination of equity and debt financing.
Purpose of Funding for Fashinza
With the recent proceeds from the new investment, Fashinza will focus on creating a new supply chain for the global fashion industry. It will also look to expand the company’s presence globally. The platform will further concentrate on monetizing fintech offerings, expanding into raw material procurement, and helping Indian SME apparel manufacturers with supply chain financing.
Besides, Fashinza will create a net positive supply chain by 2030 and develop new solutions for SME manufacturers.
What the founders have to say
Pawan Gupta, CEO and Co-founder of Fashinza, said, “We are excited to expand our global presence and offer fast and sustainable tech-based supply chain solutions, especially to our customers in North America. Our goal to help our partner brands and manufacturers work and thrive with an agile supply chain that benefits all is now a reality and increasingly impacting our customers’ lives.”
Abhishek Sharma, COO and Co-Founder of Fashinza, further said, “Our mission is to create a sustainable, futuristic, and agile fashion supply chain using technology while improving the ethics and sustainability in the supply chain. We are also using the massive data we generate to solve financial challenges for our customers and suppliers with our fintech products.”
In addition, Jamil Ahmad, Chief Business Officer and Co-founder of Fashinza said, “At Fashinza, we believe that we cannot grow alone but only with the growth of our SME partners and customers. The funds’ infusion would help us in executing new strategies and implement new solutions, leading to overall growth across geographies.”
What the investors have to say
Ashutosh Sharma, Head of India Investments at Prosus Ventures, said, “The issues of the fashion industry supply chain have grown immensely over the past few years – and these challenges have presented an opportunity ripe for disruption. The Fashinza team has quickly evolved in a space that needs to go beyond the traditional channels. Their exceptional team, dedication to mission, and business acumen at scaling their customer growth are why this investment is important to us.”
Sandeep Singhal, MD, WestBridge Capital, said, “We are thrilled to be part of Fashinza’s growth journey. We believe the company has the potential to revolutionize the fashion industry supply chain using technology. We are excited to help take the company to the next level.”
Pawan Gupta, Abhishek Sharma, and Jamil Ahmad co-founded Fashinza in 2020. The B2B marketplace handles everything from design to delivery for its partner brands with very low minimums.
Despite being in the middle of a global pandemic, Fashinza grew its business ten times last year. The brand crossed USD 150 million in annualized GMV run rate. The platform also reduced minimum order units to as low as 50 and reduced design to delivery TATs by 50 per cent in a single year.
Fashinza has a portfolio of over 250 manufacturers in India, Bangladesh, China, and Vietnam. It currently serves more than 200 brands across six countries, including the United States, Canada, UAE, and India.
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