Press Release: Fashinza Raises $100 Million Series B to Create Sustainable Supply Chain For Global Fashion Industry
Fashinza, the AI-driven B2B marketplace and real-time global supply chain platform for fashion brands and retailers, today announced a Series B funding round totaling $100M USD. The round is led by Prosus Ventures (f.k.a. Naspers Ventures) and Westbridge along with participation from existing investors Accel, Elevation, and ADQ. The round also saw participation from angel investors Naval Ravikant, Jeff Fagnan, Jake Zeller, Nivi, and Nitesh Banta. The round includes a mix of equity and debt financing.
In the past 12 months, Fashinza grew the business 10x crossing $150 million in annualized GMV run rate. The company also reduced minimum order quantities to as low as 50 and reduced design to delivery TATs by 50% in a single year.
Fashinza is using the new funds to invest in supply chain technology and expand the company’s presence globally. This includes monetizing fintech offerings, expanding into raw material procurement and creating a sustainable (i.e. net positive) supply chain by 2030 and Industry 4.0 solutions for SMB manufacturers.
Fashinza has a roster of over 250 manufacturers that currently serves 200+ brands across 6 countries, including the United States, Canada, UAE, and India.
“The issues of the fashion industry supply chain have faced some unique challenges in the past few years that have also made the sector ripe for disruption. The Fashinza team has responded with agility, evolving to offer tech-based solutions beyond the traditional channels. We are confident about the team’s capability as they look to scale further, and are delighted to partner with their mission,” says Ashutosh Sharma, Head of Investments, India, at Prosus Ventures.
“We are thrilled to be part of Fashinza’s growth journey. We believe the company has the potential to revolutionize the fashion industry supply chain using technology and we are excited to help take the company to the next level,” says Sandeep Singhal, Managing Director, WESTBRIDGE Capital.
“Our mission is to create a sustainable, futuristic, and agile fashion supply chain using technology while improving the ethics and sustainability in the supply chain. We are now also using the massive data we generate to solve financial challenges for our customers and suppliers with our fintech products,” says Abhishek Sharma, co-founder of Fashinza.
Fanshinza’s technology is reducing wastage across the entire production process and bringing social transparency into the supply chain. Additionally, Fashinza aims to scale its environmentally-friendly practices and materials to make costs comparable to their unsustainable counterparts.
In addition to solving complex supply chain issues, Fashinza’s flexible and transparent marketplace model 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 to work and thrive with an agile supply chain that benefits all, is now a reality and already positively impacting our customers’ lives,” adds Pawan Gupta, CEO and co-founder of Fashinza.
For additional information, please visit www.fashinza.com.
Photo courtesy of IQRemix.
Source: Business Wire (link opens in a new window)
- Environment, Technology
- e-commerce, fintech