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Fashinza Raises $100 Million Series B Funding

17 May 2022, Mumbai:

Fashinza Raises $100 Million Series B Funding Led by Prosus, Westbridge Capital.

Fashinza, the AI-driven B2B marketplace and real-time global supply chain for fashion brands and retailers, today announced it has raised a $100 million in Series B funding round led by Prosus Ventures (f.k.a. Naspers Ventures) and Westbridge along with participation from existing investors Accel, Elevation, and DisruptAD.

ALSO READ Fashinza: Manufacturing Made Effortless

The round also saw participation from angel investors Naval Ravikant, Jeff Fagnan, Jake Zeller, Nivi, and Nitesh Banta. The funding round is a combination of equity and debt financing. Fashinza will utilize the funds towards creating a sustainable supply chain for the global fashion industry and in expanding the company’s presence globally.

This includes monetizing fintech offerings, expanding into raw material procurement, helping Indian SME apparel manufacturers with supply chain financing, creating a sustainable (i.e. net positive) supply chain by 2030 and Industry 4.0 solutions for SMB manufacturers.

RELEVANT NEWS Fashinza and BlackSoil have teamed together to offer finance to small Indian businesses

In the past 12 months, and in the middle of a global pandemic, Fashinza grew the business 10x crossing $150 million in annualized GMV run rate. The company also reduced minimum order units to as low as 50 and reduced design to delivery TATs by 50% in a single year.

Fashinza has a roster of over 250 manufacturers in India, Bangladesh, China, and Vietnam that currently serves 200+ brands across 6 countries, including the United States, Canada, UAE, and India. “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,” adds Pawan Gupta, CEO and Co-founder of Fashinza.

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Fashinza Raises $100 Million Series B Funding

Almowear Closes Pre-Series A

25 May 2022, Mumbai:

Almo Closes Pre-Series & Led By Inflection Point Ventures.

ABOUT Almo

Born with the desire to embody the effortless sophistication and designs from Italy, Almo essential wear is stitched to perfection to suit your every need and beyond.

Almo began with a mission to bring minimalistic, classic & sustainable essential wear inspired by the simplicity & style that resonated with Italian standards. The hustle & hard work has finally bought us to an important junction in the growth & progress of the organization.

It is grateful & delighted to announce an important milestone of raising $2 Mn in a Pre-Series A funding round with Inflection Point Ventures. It is a proud moment that is pushing it to work harder & achieve more in the coming year.

ALSO READ Pepe breaks joint venture (JV) with 'Dollar Industries'

Its Inspiration Wolf, the national animal of Italy, is a symbol of guardianship, ritual, loyalty & spirit. Drawing inspiration from an animal as unbound and spirited as you, we have meticulously crafted each product that is stitched to perfection to let you follow your heart and mind unshackled from any discomfort. Almo is built for a formidable man like you, who leaves no stone unturned in his journey to success, we ensure comfort & functionality that never fails.

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CREDITS: ALMOWEAR Linkedin ALMOWEAR  (The news article has not been edited by DFU Publications staff).

Almowear Closes Pre-Series A

Amazon: Launches Smart Commerce To Help Offline Stores Setup Digital Store-fronts

19 May 2022, Mumbai:

Amazon to help store setup online outlets.
Amazon has launched a new initiative called smart commerce that will help offline stores set up their own digital store-fronts in addition to selling on its India marketplace.

 

ALSO READ Amazon India reaches ten lakh sellers

This will be similar to Canada's Shopify.

Amazon's initiative to help kiranas open e-store fronts offer firms expertise in logistics and payments.

RELEVANT NEWS ONDC: Flipkart, Amazons Of The World Look @ Joining

Amit Agarwal Senior VP India and emerging markets, Amazon.

We remain committed to our pledge to digitize 1 crore small businesses in India by 2025 and are super excited by the possibilities unlocked by smart commerce to accelerate progress Agarwal said.

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CREDITS: ET Dt 19-05-2022 (The news article has not been edited by DFU Publications staff).

Amazon: Launches Smart Commerce To Help Offline Stores Setup Digital Store-fronts

FirstCry To Defer IPO Plans

16 May 2022, Mumbai:

Firstcry halts IPO plans as volatility continues.

DRHP filing is deferred by at least a month or two.

ALSO READ FirstCry goes ahead with IPO plans

May recalibrate issue size and valuation it would seek.

RELEVANT NEWS NIIF-FirstCry proposed deal

E-Commerce firm Firstcry will delay its planned one billion initial public offering by a few months according to people in the know who said the cautious approach by Softbank backed e-tailer followed the muted response last week to new economy issues, like that of logistics player Delhivery as well as broader headwinds in global markets.

The Pune base etailer had finalized plans to file its draft IPO paper this month but is pulling back on the advice of its investors and bankers sources said.

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CREDITS: ET Dt 16-05-2022 (The news article has not been edited by DFU Publications staff).

FirstCry To Defer IPO Plans

Piyush Goyal chairs meeting of National Startup Advisory Council

18 May 2022, Mumbai:

Minister urges NSAC to focus on tier-2 and tier-3 cities for VC funding, capacity building and awareness generation on government schemes that promote startups.

Council deliberates on protecting ownership of startups with original promoters, incorporating in India, listing in India, and developing innovation hubs.

ALSO READ

Minister launches NavIC Grand Challenge aimed at promoting the adoption of NavIC is the geo-positioning solution for digital Aatmanirbharta.

The meeting was attended by key stakeholders, officials, and existing startups in the country.

RELEVANT NEWS

It is a one of its kind congregation wherein the policy-making process is driven as part of a collaboration between all the key stakeholders of the Startup ecosystem.

During the course of the meeting, the members also shared many interesting insights and views about the startup ecosystem and gave recommendations as to how the ecosystem can be strengthened further through various initiatives and programmes.

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CREDITS: PIB (The news article has not been edited by DFU Publications staff).

Piyush Goyal chairs meeting of National Startup Advisory Council

ONDC is working on a framework for an in-house settlement system

18 May 2022, Mumbai:

The open network for digital commerce (ONDC ). The government-backed initiative aimed at curbing digital monopolies is working on a framework for an in-house settlement system.

ALSO READ ONDC: Flipkart, Amazons Of The World Look @ Joining

According to its CEO MP Koshy.

koshy expects that it will bring in 'efficiency in processing' payments, especially for new entities. It is said to be ready in a month's time.

RELEVANT NEWS E-commerce platform faces tough competition

A committee with representatives from ONDC, Bombay stock exchange, and National stock exchange as well as from the national payment corporation of India (NPCI) and a few leading banks are evaluating the regulatory framework for the service which can be offered by any service provider on the network.

ONDC which is being pitched as a solution to make the E-Commerce platform agnostic and therefore break the dominance of large etailers.

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CREDITS: ET Dt 18-05-2022 (The news article has not been edited by DFU Publications staff).

ONDC is working on a framework for an in-house settlement system

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