Fashinza, a B2B market for vogue manufacturers and retailers, on Tuesday introduced a $100-million Series B fundraise, led by Prosus Ventures and Westbridge together with participation from present buyers Accel, Elevation and DisruptAD.
The spherical additionally noticed participation from angel buyers Naval Ravikant, Jeff Fagnan, Jake Zeller, Nivi and Nitesh Banta. The funding spherical was a mix of fairness and debt financing.
Fashinza will utilise the funds in direction of creating a brand new provide chain for the worldwide vogue trade and in increasing the corporate’s presence globally. This consists of monetising fintech choices, increasing into uncooked materials procurement, serving to Indian SME attire producers with provide chain financing, making a internet constructive provide chain by 2030, and creating new options for SME producers.
“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 enterprise officer and co-founder at Fashinza, stated in an announcement.
Founded in 2020 by Abhishek Sharma, Jamil Ahmad, Pawan Gupta, the Gurgaon-headquartered firm claims to have grown 10X within the final 12 months, crossing an annualised gross merchandise worth (GMV) of $150 million. Fashinza has a roster of over 250 producers in India, Bangladesh, China and Vietnam, that at present serves greater than 200 manufacturers throughout 6 nations, together with the US, Canada, the UAE, and India.
Fashinza’s market, together with its devoted provide chain, permits manufacturers and producers to entry design to supply in as quick as 4 weeks with very low minimums. It additionally presents entry to a clear manufacturing course of that may be monitored 24/7 with FactoryOS software program.
“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, stated.
”The problems with the style trade provide chain have grown immensely over the previous few years – and these challenges have introduced a chance ripe for disruption. The Fashinza staff has rapidly advanced in an area that should transcend the standard channels. Their distinctive staff, dedication to mission, and enterprise acumen at scaling their buyer progress are why this funding is necessary to us,” Ashutosh Sharma, head of India Investments at Prosus Ventures, stated.
Source: www.financialexpress.com”