AI-driven B2B fashion marketplace Fashinza has announced that it has secured $100 million in Series B funding. The round was led by Prosus Ventures (Naspers Ventures) and Westbridge. Existing investors who participated included Accel, Elevation, and DisruptAD.
The funding round also saw participation from angel investors including Naval Ravikant, Jeff Fagnan, Jake Zeller, Nivi, and Nitesh Banta.
The start-up’s funding round was a combination of equity and debt financing, as per the release.
Ashutosh Sharma, Head of India Investments, Prosus Ventures, said,“The issues of the fashion industry supply chain have grown immensely over the past few years – and these challenges have presented an opportunity ripe for disruption. The Fashinza team has quickly evolved in a space that needs to go beyond the traditional channels. Their exceptional team, dedication to mission, and business acumen at scaling their customer growth are why this investment is important to us.”
Sandeep Singhal, Managing Director, WestBridge Capital added that the company has the potential to revolutionise the fashion industry supply chain using technology and they [investors] are excited to help take the company to the next level.
Fashinza was co-founded in 2020 by Pawan Gupta, Abhishek Sharma and Jamil Ahmad.
The Gurugram-based start-up will use the funds towards creating a sustainable supply chain for the global fashion industry and expand 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 (i.e. net positive) supply chain by 2030 and Industry 4.0 solutions for SMB manufacturers.
Pawan Gupta, CEO and Co-founder of Fashinza, said, “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 work and thrive with an agile supply chain that benefits all is now a reality and already increasingly impacting our customers’ lives.”
“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,” added Abhishek Sharma, COO and Co-Founder, Fashinza.