Fashinza, the AI-driven B2B marketplace and real-time global supply chain for fashion brands and retailers, announced it has raised a $100 million in Series B funding round led by Prosus Ventures (f.k.a. Naspers Ventures) and Westbridge along with participation from existing investors Accel, Elevation, and DisruptAD. 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.
Fashinza will utilize the funds towards creating a sustainable supply chain for the global fashion industry and in expanding the company’s presence globally. This includes monetizing fintech offerings, expanding into raw material procurement, helping Indian SME apparel manufacturers with supply chain financing, creating a sustainable (i.e., net positive) supply chain by 2030 and Industry 4.0 solutions for SMB manufacturers.
In the past 12 months, and in the middle of a global pandemic, Fashinza grew the business 10x crossing $150 million in annualized GMV run rate. The company also reduced minimum order units to as low as 50 and reduced design to delivery TATs by 50% 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 United States, 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,” adds 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.
“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.
“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 and we are excited to help take the company to the next level,” says Sandeep Singhal, Managing Director, WestBridge Capital.
In addition to solving complex supply chain issues, Fashinza’s ‘flexible and transparent’ marketplace model also includes logistics, fintech, and payment support.
For additional information, please visit www.fashinza.com.