[Funding alert] B2B startup Fashinza raises $20M in Series A round co-led by Accel Partners, Elevation Capital
, a B2B manufacturing marketplace that solves apparel/fashion supply chain challenges by connecting fashion brands to experienced manufacturers, on Monday announced that it has raised $20 million in a mix of equity and debt as part of Series A round.
The funds raised will be used by the Gurugram-based startup to invest in supply chain technology and expand the company’s presence and manufacturers' base globally, especially in the US and the Middle East.
The round was co-led by marquee existing investors Accel Partners and Elevation Capital, along with Abu Dhabi’s DisruptAD, Stride Ventures, Alteria Capital, and Tradecred. The round also saw the participation of Anand S Ahuja (MD, Shahi Exports & Founder, Bhaane) and actress Sonam Kapoor Ahuja, both of whom are vocal supporters of sustainable fashion.
Previously, in 2020, Fashinza had raised $2.6 million from Accel and Elevation as a part of its seed round.
Commenting on the fresh funding, Pawan Gupta, CEO and Co-founder, Fashinza, said,
“Fashinza has grown over 20x in the last 12 months. COVID-19 has ceased travel and complicated the global apparel supply chain. Our AI-led technology platform automates everything — from finding the right supplier to managing production across stakeholders."
"We started Fashinza because we wanted to help small and medium ethical factories employing millions of workers, connect with global demand and eliminate environmentally unsustainable practices of this industry like overproduction. By 2030, we want to build an environmentally net positive supply chain at a scale that doesn’t even cost extra,” he added.
Founded in 2020 by IIT Delhi Alumni Pawan Gupta and Abhishek Sharma, Fashinza claims to help apparel and fashion brands outsource their manufacturing with complete transparency and reliability. The startup said it handles everything from design to delivery for partner brands.
“At Accel, we’re delighted to deepen our commitment and relationship with the Fashinza team. We’re inspired by their electric execution against their vision to help fashion brands adapt to the ecommerce era with Fashinza’s agile manufacturing capabilities. We also admire Abhishek’s and Pawan’s priority to build a strong leadership team very early on. The early success Fashinza has achieved serving global brands validates the massive opportunity they’re going after. We’re confident that Fashinza can serve as a role model for more Indian startups building for the world from the get-go. We’re grateful for this partnership and super excited for the future!,” added Pratik Agarwal, Principal, Accel Partners.
According to Akarsh Shrivastava, Vice President, Elevation Capital, “COVID-19 has further underscored the need for agility and responsiveness for brands. Over the past year, Fashinza has been able to design and deliver an offering that addresses multiple issues in the supply chain, thereby alleviating this need for their brand customers and supplier base. Growth and customer satisfaction have only strengthened our belief in the opportunity. It has been a pleasure and privilege to work with Pawan, Abhishek and the rockstar Fashinza team as they disrupt this $600 billion opportunity."