New Delhi– AI-driven B2B marketplace Fashinza on Tuesday said it has raised $100 million in Series B round led by Prosus Ventures (formerly Naspers Ventures) and Westbridge, along with participation from existing investors Accel, Elevation, and DisruptAD.
Fashinza, that provides a global supply chain for fashion brands and retailers, said it will utilise the funds (a combination of equity and debt) towards creating a sustainable supply chain for the global fashion industry and in expanding the company’s presence globally.
This includes monetising fintech offerings, expanding into raw material procurement, helping Indian SME apparel manufacturers with supply chain financing, creating a sustainable supply chain by 2030 and Industry 4.0 solutions for SMB manufacturers, it said in a statement.
“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.
Fashinza said its suppliers experienced a 200 per cent (on-year) increase in earnings in 2021 from increased capacity utilisation while its customers reported a 25 per cent reduction of costs in inventory and a 20 per cent increase in topline with faster turn around time (TATs) and lower minimums.
The company experienced 10x growth in 12 months along with increasing their global footprint .
Fashinza has over 250 manufacturers in India, Bangladesh, China, and Vietnam that currently serves more than 200 brands across six countries.
“The Fashinza team has quickly evolved in a space that needs to go beyond the traditional channels,” said Ashutosh Sharma, Head of India Investments at Prosus Ventures. (IANS)