[Funding alert] Fashinza raises $100M in Series B led by Prosus, Westbridge Capital
Gurugram-headquarteredhas raised $100 million in a Series B round of funding led by Prosus Ventures and Westbridge Capital.
The round is a mix of equity and debt financing and also saw participation from returning investors Accel, Elevation Capital, and DisruptAD. Angel investors in the company including Naval Ravikant, Jeff Fagnan, Jake Zeller, Nivi and Nitesh Banta also participated in the round.
This takes the total institutional capital raised by the company—across debt and equity—to nearly $122 million. The business-to-business (B2B) manufacturing platform for the apparel industry had last raised $20 million in a Series A round of funding in August 2021 from Accel and Elevation Capital.
Fashinza will utilise the funds to create a sustainable supply chain for the global fashion industry and to fuel its global expansion.
In a statement, it said that it will monetise its fintech offerings, expand its raw material procurement, offer supply chain financing to SME apparel manufacturers and create a net positive sustainable supply chain by 2030. The startup will also offer Industry 4.0 solutions to SMB manufacturers.
“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,” said Pawan Gupta, CEO and Co-founder of Fashinza, in the statement.
Founded in 2020 by IIT Delhi alumni Pawan and Abhishek Sharma, Fashinza offers fashion brands end-to-end apparel manufacturing solutions. It helps fashion retail brands identify the right suppliers, data-driven fabric pre-booking and reduces inventory forecasting errors.
The company grew its business by 10x in the last 12 months, crossing the GMV (Gross Merchandise Value) run rate of $150 million. GMV is defined as the value of total goods sold by a marketplace in a given period.
Fashinza works with nearly 250 manufacturers across India, Bangladesh, China and Vietnam and serves over 200 fashion brands across the US, Canada, UAE, and India.
It also offers logistics, fintech, and payment support on its B2B platform. Fashinza operates in a space which counts Singapore-basedas its global competitor. Other supply chain companies in India include B2B platform for buying and selling surplus inventory XSTOK and , which connects textile suppliers to vendors.