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HomeInsightFunding Alert B2B Marketplace Fashinza raises $100 million in funding from Prosus, Westbridge

[Funding alert] B2B Marketplace Fashinza raises $100 million in funding from Prosus, Westbridge

[Funding alert] B2B Marketplace Fashinza raises $100 million in funding from Prosus, Westbridge
B2B Marketplace Fashinza

Fashinza, an AI-driven B2B marketplace platform has raised $100 million as a part of its Series B from Prosus Ventures (formerly Naspers Ventures) and Westbridge Capital.

The funding round in equity and debt round, and existing investors Accel, Elevation and ADQ, along with new investors Naval Ravikant, Jeff Fagnan, Jake Zeller, Nivi and Nitesh Banta.

The company plans to use the funds to build a sustainable supply chain for the global fashion industry and expand its operations globally.

The startup said it will look to monetize its fintech offerings and expand into procuring raw materials, which will help Indian small and medium apparel manufacturing enterprises.

The Gurugram-based Fashinza was founded in 2020 by Pawan Gupta, Abhishek Sharma, and Jamil Ahmad, It connects family-run small/medium-sized audited factories to the cloud with their mobile-based production management and visualization software.

It offers end-to-end online ordering for brands, complete production tracking from the factory floor, low MOQ (minimum quantity orders), and fast but ethical production.

The startup’s marketplace also includes logistics, fintech and payment support.

“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, Chief Executive Officer and Co-founder of Fashinza.

The company said. “In the past 12 months, and in the middle of a global pandemic, Fashinza grew its business 10x, crossing $150 million in annualised GMV run rate.”

The startup said it reduced minimum order units to 50 and reduced design-to-delivery turn-around-times (TATS) by 50% in a single year.

“We are now also using the massive data we generate to solve financial challenges for our customers and suppliers with our fintech products,” said Abhishek Sharma, co-founder and chief operating officer (COO) of Fashinza.

Fashinza has over 250 manufacturers in India, Bangladesh, China and Vietnam, and currently serves over 200 brands in six countries, including the US, Canada, the United Arab Emirates and India.

“The issues of the fashion industry supply chain have grown immensely over the past few years – and these challenges have presented an opportunity that’s ripe for disruption. The Fashinza team has quickly evolved in a space that needs to go beyond the traditional channels,” said, Ashutosh Sharma, head of India investments at Prosus Ventures.

In August 2021, Fashinza had raised $20 million in equity and debt funding round from existing investors Accel Partners and Elevation Capital, along with Abu Dhabi’s DisruptAD, Stride Ventures, Alteria Capital, and Tradecred.

About Fashinza

They are a new-age supply chain and product development platform for the fashion industry. Founded by serial entrepreneurs and graduates of IIT Delhi, they offer manufacturing as a service solution using a powerful technology platform. Their objective is to add value to their customers and help them scale their business at pace and efficiently.

  • They promise end-to-end visibility for users to track each and every procurement step using their tech-enabled platform, hence ensuring 100% transparency.
  • They deliver at faster and reliable production times owing to their huge network of cloud-connected factories.
  • They have wide offerings and capabilities across price points.
  • They designate a Relationship manager who is answerable to queries 24*7
  • Their team is a combination of people with extensive experience across fashion and technology. 6. They believe in ethical sourcing practices.
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