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.
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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.
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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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