Fashinza, the AI-powered B2B marketplace and real-time global supply chain network for fashion companies and retailers, announced today a $100 million Series B fundraising round (AED 367m). Prosus Ventures (previously Naspers Ventures) and Westbridge led the round, which also included existing investors Accel, Elevation, and DisruptAD. Angel investors Naval Ravikant, Jeff Fagnan, Jake Zeller, Nivi, and Nitesh Banta also participated in the round. There is a mix of stock and loan financing in this round.
Fashinza’s future plans
Fashinza plans to invest in supply chain technology and extend its global presence with the new investment. This involves monetizing financial offerings, extending into raw material procurement, and developing a sustainable (i.e., net positive) supply chain by 2030, as well as Industry 4.0 solutions for small and medium-sized businesses.
“Our objective is to develop a sustainable, futuristic, and agile fashion supply chain leveraging technology while improving the ethics and sustainability in the supply chain,” stated Abhishek Sharma, COO, and Co-founder of Fashinza. With our fintech offerings, we’re now harnessing the huge data we collect to solve financial difficulties for our consumers and suppliers.”
Fashinza’s firm has grown tenfold in the last year. In a single year, the company decreased minimum order numbers to as low as 50 and reduced design to delivery TATs by 50.
“We are pleased to grow our global presence and offer rapid and sustainable tech-based supply chain solutions – especially to our customers in North America,” said Pawan Gupta, CEO, and Co-founder of Fashinza. Our objective of assisting our partner brands and manufacturers in collaborating and thriving in an agile supply chain that benefits everyone is now a reality, and it is already having a beneficial influence on our customers’ lives.”
Fashinza’s technology reduces waste throughout the manufacturing process while also adding social transparency to the supply chain. Fashinza also hopes to scale up its environmentally friendly procedures and materials to make them cost-competitive with its non-sustainable competitors.
“The concerns of the fashion industry supply chain have suffered some unique hurdles in the past few years that have also made the sector ripe for disruption,” Ashutosh Sharma, Head of Investments for India, Prosus Ventures, stated. Fashinza’s staff has adapted quickly, expanding its tech-based solutions beyond traditional channels. We are confident in the team’s capacity to scale further, and we are excited to join them in their quest.”
“We are happy to be part of Fashinza’s journey of growth,” said Sandeep Singhal, managing director of Westbridge Capital. We feel the company has the ability to use technology to transform the fashion industry supply chain, and we are eager to assist in taking the company to the next level.”
Fashinza’s flexible and transparent marketplace strategy provides logistics, financial, and payment support in addition to tackling complicated supply chain concerns. The company works with over 250 manufacturers and services 200+ brands in six countries, including the United States, Canada, the United Arab Emirates, and India.