Fashinza Raises $100M Series B to Create Sustainable Supply Chain For Global Fashion Industry
Fashinza, the AI-driven B2B marketplace and real-time global supply chain platform for fashion brands and retailers, today announced a Series B funding round totaling $100M USD. The round is led by Prosus Ventures (f.k.a. Naspers Ventures) and Westbridge along with participation from existing investors Accel, Elevation, and ADQ. The round also saw participation from angel investors Naval Ravikant, Jeff Fagnan, Jake Zeller, Nivi, and Nitesh Banta. The round includes a mix of equity and debt financing.
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(Left) Pawan Gupta, CEO of Fashinza; Abhishek Sharma, COO (Photo: Business Wire)
In the past 12 months, Fashinza grew the business 10x crossing $150 million in annualized GMV run rate. The company also reduced minimum order quantities to as low as 50 and reduced design to delivery TATs by 50% in a single year.
Fashinza is using the new funds to invest in supply chain technology and expand the company's presence globally. This includes monetizing fintech offerings, expanding into raw material procurement and creating a sustainable (i.e. net positive) supply chain by 2030 and Industry 4.0 solutions for SMB manufacturers.
Fashinza has a roster of over 250 manufacturers that currently serves 200+ brands across 6 countries, including the United States, Canada, UAE, and India.
"The issues of the fashion industry supply chain have faced some unique challenges in the past few years that have also made the sector ripe for disruption. The Fashinza team has responded with agility, evolving to offer tech-based solutions beyond the traditional channels. We are confident about the team's capability as they look to scale further, and are delighted to partner with their mission," says Ashutosh Sharma, Head of Investments, India, at ProsusVentures.
"We are thrilled to be part of Fashinza's growth journey. We believe the company has the potential to revolutionize the fashion industry supply chain using technology and we are excited to help take the company to the next level," says Sandeep Singhal, Managing Director, WESTBRIDGE Capital.
"Our mission is to create a sustainable, futuristic, and agile fashion supply chain using technology while improving the ethics and sustainability in the supply chain. We are now also using the massive data we generate to solve financial challenges for our customers and suppliers with our fintech products," says Abhishek Sharma, co-founder of Fashinza.
Fanshinza's technology is reducing wastage across the entire production process and bringing social transparency into the supply chain. Additionally, Fashinza aims to scale its environmentally-friendly practices and materials to make costs comparable to their unsustainable counterparts.
In addition to solving complex supply chain issues, Fashinza's flexible and transparent marketplace model also includes logistics, fintech, and payment support.
"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 to work and thrive with an agile supply chain that benefits all, is now a reality and already positively impacting our customers' lives," adds Pawan Gupta, CEO and co-founder of Fashinza.
For additional information, please visit www.fashinza.com.
Fashinza is an AI-driven B2B marketplace for global fashion supply chains. They make it exceptionally easy for international brands to access design to delivery in as fast as 4 weeks with very low minimums. Fashinza offers access to a transparent production process that can be monitored 24/7 with 100% control enabled by their revolutionary FactoryOS. Their goal is to create a sustainable (i.e. net positive) supply chain by 2030 and empower SMB manufacturers with Industry 4.0 solutions. Fashinza has a roster of over 250 factories that currently serves 200+ brands across 6 countries, including the United States, Canada, UAE and India. The company was co-founded in 2020 by serial entrepreneurs Pawan Gupta, Abhishek Sharma, and Jamil Ahmad.
Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities. The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors. Through the Prosus Ventures team, the group invests in new technology growth opportunities within logistics, fintech, health, blockchain, social and ecommerce platforms, agriculture and more. The team actively backs exceptional entrepreneurs who are using technology to improve people's everyday lives. Each month, more than 2 billion customers across the globe use the products and services of companies that Prosus has invested in, acquired or built. To find out more, please visit www.prosus.com.
WestBridge Capital is a highly experienced investment firm, managing over US$3 billion of capital, which focuses primarily on investments in India. WestBridge seeks to partner with some of India's most promising mid-sized companies run by outstanding entrepreneurs and management teams for the long-term, whether they are public or private.