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Mars Growth Capital and Liquidity Group have invested $30 million in Fashinza, a Gurugram-based fashion supply chain startup.
According to Fashinza, it would use the funds raised to extend its commercial activities into Europe, West Asia, and the US. According to a statement from the startup, its network connects small and medium-sized businesses with international fashion companies, as per various media reports.
Navas Ebin, the managing director of APAC for Mars Growth Capital and Liquidity Group, has praised Fashinza for revolutionizing the global fashion supply chain. He expressed his confidence in the startup's capability to expand and sustain its business in the medium to long term, owing to its strong performance, experienced founding team, and existing network of manufacturers and customers worldwide. Ebin also mentioned that their non-asset-based capital would enable Fashinza to expand its international business cost-effectively.
“As we focus on expanding our presence in international markets, including the USA, we are excited to partner with Liquidity Group to support our growth and to bring our innovative manufacturing solutions to a global audience,” said Abhishek Sharma, Co-Founder, and COO of Fashinza. “With their flexible cross-border financing solutions and extensive knowledge of navigating international markets, we are confident that we can successfully penetrate new markets and provide our manufacturing solutions to key clients worldwide. At the same time, we remain committed to delivering exceptional service to our key customers in the USA and beyond, as we continue to revolutionize the fashion manufacturing industry,” Abhishek Sharma added.
At present, the company operates more than 250 factories that cater to over 200 brands in five countries, namely the US, Canada, the UAE, the UK, and India.
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“Fashinza is a promising pre-unicorn with global aspirations. Mars Growth Capital and Liquidity Group have been supporting companies like Fashinza to transition into becoming truly global businesses, and the prospects for a long-term partnership with the company are exciting,” added Nir Shmueli, Investment Manager at Mars Growth Capital and Liquidity Group.
Thus far, the company has secured over $135 million in funding from investors such as Elevations, Prosus, Westbridge Capital, and Stride Ventures. During its most recent round of funding in May 2022, the company garnered $100 million in equity and debt from Prosus Ventures and Westbridge Capital.
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About Fashinza
Fashinza is a B2B marketplace for the global fashion supply chain that is powered by artificial intelligence. Its main goal is to simplify the process for international brands to access design and delivery services, with a minimum lead time of just four weeks and low minimum order quantities. Fashinza's production process is completely transparent and can be monitored 24/7, thanks to its innovative FactoryOS. They aim to create a sustainable supply chain by 2030 and provide Industry 4.0 solutions to empower small and medium-sized manufacturers. The company was co-founded in 2020 by Pawan Gupta, Abhishek Sharma, and Jamil Ahmad, who are all experienced entrepreneurs.
