Fashinza, a B2B marketplace for fashion brands and retailers, on Tuesday announced a $ 100-million Series B fundraiser involving existing investors Accel, Elevation and DisruptAD led by Prosus Ventures and Westbridge.
The round also saw the participation of angel investors Naval Ravikant, Jeff Fagnan, Jake Zeller, Nivi and Nitesh Banta. The funding round was a combination of equity and debt financing.
Fashinza will use the funds to create a new supply chain for the global fashion industry and to expand the company’s global presence. These include monetizing Fintech offers, expanding raw material procurement, helping Indian SME apparel manufacturers with supply chain financing, creating a net positive supply chain by 2030 and creating new solutions for SME manufacturers.
“At Fashinza we believe that we cannot grow alone but only through the growth of our SME partners and customers. “Fund Infusion will help us implement new strategies and implement new solutions that will lead to all-round growth across geographies,” said Jamil Ahmed, chief business officer and co-founder of Fashinger.
Founded in 2020 by Abhishek Sharma, Jamil Ahmed, Pawan Gupta, the Gurgaon-headquartered company claims to have grown 10X in the last 12 months, with annual total merchandise value (GMV) exceeding 150 million. Fashinza has a list of more than 250 manufacturers in India, Bangladesh, China and Vietnam, which currently serves more than 200 brands in 6 countries, including the US, Canada, UAE and India.
Fashinza’s Marketplace, along with its dedicated supply chain, allows brands and manufacturers to access designs for fast delivery in as little as four weeks. It also offers access to a transparent manufacturing process that can be monitored 24/7 with the Factorios software.
“We are excited to expand our global presence and offer fast and sustainable technology-based supply chain solutions – especially for our customers in North America. Our goal is to help our partner brands and manufacturers work and improve an agile supply chain that benefits everyone is now a reality and is already increasingly impacting the lives of our customers, ”said Pawin Gupta, CEO and co-founder of Fashinger.
“The problems in the fashion industry’s supply chain have grown exponentially over the last few years – and these challenges have presented ample opportunity to disrupt. This investment is important to us because of its business acumen to scale growth, ”said Ashutosh Sharma, Head of India Investments, Pros Ventures.