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Bengaluru, May 17
Fashinza, a B2B marketplace and global supply chain for fashion brands and retailers, has raised $100 million Series B funding round led by Prosus Ventures and Westbridge along with participation from existing investors like Accel, Elevation, and ADQ.
The round also saw participation from angel investors Naval Ravikant, Jeff Fagnan, Jake Zeller, Nivi and Nitesh Banta. The funding round is a combination of equity and debt financing. The round has valued Fashinza at $300-400 million.
Fashinza will utilise the funds to create a sustainable supply chain for the global fashion industry and expand the company’s presence globally. This includes monetising fintech offerings, expanding into raw material procurement, helping Indian SME apparel manufacturers with supply chain financing, creating a sustainablesupply chain by 2030, and industry 4.0 solutions for SMB manufacturers.
Growth in business
In the past 12 months, Fashinza said its business grew 10x crossing $150 million in annualised GMV run rate. The company 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 roster of over 250 manufacturers in India, Bangladesh, China, and Vietnam that currently serves 200+ brands across 6 countries, including the US, Canada, UAE, and India.
“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 already increasingly impacting our customers’ lives,” said Pawan Gupta, CEO and Co-founder of Fashinza.
“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 now also using the massive data we generate to solve financial challenges for our customers and suppliers with our fintech products,” says Abhishek Sharma, COO and Co-Founder, Fashinza.
New strategies, solutions
“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 all round growth across geographies,” adds Jamil Ahmad, Chief Business Officer and Co-founder of Fashinza.
“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,” says Ashutosh Sharma, Head of India Investments at Prosus Ventures.
In addition to solving complex supply chain issues, Fashinza’s marketplace model also includes logistics, fintech, and payment support.
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