scorecardresearch
- Advertisement -

Fashion supply chain marketplace Fashinza raises $100 mn

- Advertisement -

New Delhi, May 17 (IANS) AI-driven B2B marketplace Fashinza on Tuesday said it has raised $100 million in Series B round led by Prosus Ventures (formerly Naspers Ventures) and Westbridge, along with participation from existing investors Accel, Elevation, and DisruptAD.

Fashinza, that provides a global supply chain for fashion brands and retailers, said it will utilise the funds (a combination of equity and debt) towards creating a sustainable supply chain for the global fashion industry and in expanding the company’s presence globally.

- Advertisement -

This includes monetising fintech offerings, expanding into raw material procurement, helping Indian SME apparel manufacturers with supply chain financing, creating a sustainable supply chain by 2030 and Industry 4.0 solutions for SMB manufacturers, it said in a statement.

“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, CEO and Co-founder of Fashinza.

- Advertisement -

Fashinza said its suppliers experienced a 200 per cent (on-year) increase in earnings in 2021 from increased capacity utilisation while its customers reported a 25 per cent reduction of costs in inventory and a 20 per cent increase in topline with faster turn around time (TATs) and lower minimums.

The company experienced 10x growth in 12 months along with increasing their global footprint .

- Advertisement -

Fashinza has over 250 manufacturers in India, Bangladesh, China, and Vietnam that currently serves more than 200 brands across six countries.

“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.

–IANS

na/

- Advertisement -
CELEBRITY GALLERY

Malavika Mohanan

Asim Riaz

Nazriya Nazim

Harnaaz Kaur Sandhu

- Advertisment -

Related Posts

- Advertisement -
- Advertisement -