Fashinza raises $100 million funding led by Prosus and Westbridge
ETtech
Synopsis
The funding is a combination of equity and debt financing, 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 company said.
By ETtech
Mumbai: Fashinza, an AI-driven business-to-business (B2B) marketplace, has raised $100 million in a funding round led by Prosus Ventures (formerly Naspers Ventures) and Westbridge. The company will use the funds to create a sustainable supply chain and expand into new geographies, it said in a statement.
The funding is a combination of equity and debt financing, 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,” it said.
The company added that it reduced the minimum order units to as low as 50 and reduced design-to-delivery turn-around-times (TATs) by 50% in a single year.
Founded in 2020 by Pawan Gupta, Abhishek Sharma, and Jamil Ahmad, Fashinza Fashinza handles everything from design to delivery for its partner brands, with very low minumums.
“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,” said Pawan Gupta, cofounder and chief executive officer (CEO) of Fashinza.
The company's marketplace also includes logistics, fintech, and payment support.
“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, cofounder and chief operating officer (COO).
The company has over 250 manufacturers in India, Bangladesh, China, and Vietnam, and currently serves more than 200 brands across six countries, including the US, Canada, UAE, 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.
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The round also saw participation from existing investors Accel, Elevation and ADQ, and angel investors Naval Ravikant, Jeff Fagnan, Jake Zeller, Nivi and Nitesh Banta.Elevate Your Tech Prowess with High-Value Skill Courses
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The company added that it reduced the minimum order units to as low as 50 and reduced design-to-delivery turn-around-times (TATs) by 50% in a single year.
Founded in 2020 by Pawan Gupta, Abhishek Sharma, and Jamil Ahmad, Fashinza Fashinza handles everything from design to delivery for its partner brands, with very low minumums.
“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,” said Pawan Gupta, cofounder and chief executive officer (CEO) of Fashinza.
ADVERTISEMENT
The company's marketplace also includes logistics, fintech, and payment support.
“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, cofounder and chief operating officer (COO).
ADVERTISEMENT
The company has over 250 manufacturers in India, Bangladesh, China, and Vietnam, and currently serves more than 200 brands across six countries, including the US, Canada, UAE, 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.
ADVERTISEMENT
