Fashinza, a B2B marketplace for fashion brands and retailers, on Tuesday announced a $100-million Series B fundraise, led by Prosus 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 was a combination of equity and debt financing.
Fashinza will utilise the funds towards creating a new supply chain for the global fashion industry and in expanding 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 net positive supply chain by 2030, and developing new solutions for SME manufacturers.
“At Fashinza we believe that we cannot grow alone but only with the growth of our SME partners and customers. The fund infusion would help us in executing new strategies and implementing new solutions, leading to all-round growth across geographies,” Jamil Ahmad, chief business officer and co-founder at Fashinza, said in a statement.
Founded in 2020 by Abhishek Sharma, Jamil Ahmad, Pawan Gupta, the Gurgaon-headquartered company claims to have grown 10X in the last 12 months, crossing an annualised gross merchandise value (GMV) of $150 million. Fashinza has a roster of over 250 manufacturers in India, Bangladesh, China and Vietnam, that currently serves more than 200 brands across 6 countries, including the US, Canada, the UAE, and India.
Fashinza’s marketplace, along with its dedicated supply chain, allows brands and manufacturers to access design to delivery in as fast as four weeks with very low minimums. It also offers access to a transparent production process that can be monitored 24/7 with FactoryOS software.
“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,” Pawan Gupta, CEO and co-founder at Fashinza, 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,” Ashutosh Sharma, head of India Investments at Prosus Ventures, said.