Fashinza, the AI-powered B2B marketplace and real-time global supply chain platform for fashion brands and retailers, announced today a $100 million Series B funding round (AED 367m). Prosus Ventures (formerly 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. The funding is a combination of equity and debt.
Fashinza plans to invest in supply chain technology and expand its global presence with the new funds. This includes monetizing fintech offerings, expanding into raw material procurement, and developing a sustainable (net positive) supply chain by 2030, as well as Industry 4.0 solutions for small and medium-sized businesses.
“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,” said Abhishek Sharma, COO, and Co-founder of Fashinza. With our fintech products, we’re now using the massive data we generate to solve financial challenges for our customers and suppliers.”
Fashinza’s business has grown tenfold in the last year. In a single year, the company reduced minimum order quantities to as low as 50 and reduced design to delivery TATs by 50.
“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,” said Pawan Gupta, CEO, and Co-founder of Fashinza. Our goal 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 positive impact on our customers’ lives.”
Fashinza’s technology reduces waste throughout the manufacturing process while also bringing social transparency to the supply chain. Fashinza also hopes to scale up its environmentally friendly practices and materials to make them cost-competitive with their non-sustainable counterparts.
“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,” Ashutosh Sharma, Head of Investments for India, Prosus Ventures, said. Fashinza’s team has adapted quickly, expanding its tech-based solutions beyond traditional channels. We are confident in the team’s ability to scale further, and we are excited to join them in their mission.”
“We are thrilled to be part of Fashinza’s journey of growth,” said Sandeep Singhal, managing director of Westbridge Capital. We believe the company has the potential to use technology to revolutionize 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 model includes logistics, fintech, and payment support in addition to solving complex supply chain issues. The company currently serves 200+ brands across six countries, including the United States, Canada, the United Arab Emirates, and India.
