Fashion supply chain startup Fashinza gets $30M from Mars Growth Capital, Liquidity Group
The funding will fuel Fashinza’s ongoing transition into a global business with significant operations in the US, Gulf, and Europe.
Gurugram-based fashion supply chain startup has raised $30 million in funding from Mars Growth Capital and Liquidity Group.
The company will use the funds to support working capital requirements to expand into the US, Gulf, and Europe, it said in a statement.
Founded in 2020 by Abhishek Sharma, Pawan Gupta and Jamil Ahmad, Fashinza's business-to-business (B2B) marketplace connects small, medium and micro enterprises directly to top fashion brands across the world.
It currently has over 250 factories which serve over 200 brands across five countries, including the US, Canada, the UAE, the UK, and India.
To date, the firm has raised more than $135 million from investors including Elevation, Prosus, Westbridge Capital, and Stride Ventures. In its latest funding round in May 2022, the company raised $100 million in equity and debt from Prosus Ventures and Westbridge Capital.
Fashinza offers logistics, fintech, and payment support on its B2B platform and operates in a space which counts Singapore-based Zilingo as its global competitor. Other supply chain companies in India include XSTOK, a B2B platform for buying and selling surplus inventory, and Locofast, which connects textile suppliers to vendors.
“With Liquidity Group's flexible cross-border financing solutions and extensive knowledge of navigating international markets, we are confident that we can successfully penetrate new markets and provide our manufacturing solutions to key clients worldwide," said Abhishek Sharma, Co-founder and COO, Fashinza.
Disclaimer: This story has been updated to correct the name of a person mentioned in the story.
Edited by Kanishk Singh