Fashinza, an India-based supply-chain “marketplace” for fashion brands and retailers, has raised $100 million in a Series B funding round led by Prosus Ventures and Westbridge Capital in a combination of equity and debt.
Founded in 2020 by IIT Delhi alumni Pawan Gupta, Abhishek Sharma and Jamil Ahmad, Fashinza’s round also saw participation from angel investors Naval Ravikant, Jeff Fagnan, Jake Zeller, Nivi and Nitesh Banta. The company will utilise the funds to create a sustainable supply chain for the global fashion industry and to fuel its global expansion.
“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,” Gupta said in a statement.
The latest funding comes less than a year after Fashinza raised $20 million in a Series A round in August 2021 from Accel and Elevation Capital. Today’s funding round takes the total institutional capital raised by the company—across debt and equity—to nearly $122 million.
Fashinza connects family-run SMEs to the cloud with their mobile-based production management and visibility software. It also solves credit for fashion brands and suppliers in cross-border transactions through its Buy Now Pay Later programme. The company has over 250 manufacturers in India, Bangladesh, China and Vietnam, and currently serves more than 200 brands across six countries, including the US, Canada, UAE, and India. It claims that its business has grown 10-fold over the last 12 months and crossed $150 million in gross merchandise value run rate.
Prior to starting Fashinza, Gupta co-founded Curofy, a social networking app for doctors, while Sharma previously helped found e-commerce retailer OfferBean. Together with Ahmad, they launched Fashinza in 2020.
While Fashinza has few direct competitors in India, it indirectly competes with Udaan’s fashion vertical and Flipkart-Amazon’s wholesale businesses, and considers Singapore’s Zilingo as its global competitor. It counts Nykaa, Forever21, Zink London and TheSouledStore among its clients.
German consumer and data specialist Statista expects the global supply-chain management market to be worth $30.91 billion by 2026, up from $19.58 billion in 2022, TechCrunch reported. It is crowded by the likes of Shipium, which gives e-commerce retailers Amazon-like supply-chain tech; ShelfLife, which offers a marketplace of raw material suppliers based on what brands actually need; and sustainable sourcing platforms like Sourceful that slot somewhere alongside supply-chain finance platforms, including Tradeshift, the report added.