Sharma wants to create agile fashion supply chain using technology
WestBridge Capital, with offices in California, Bengaluru and Mauritius, and Porsus Ventures (AEX:PRX XJSE:PRX) led US$100 million Series B funding round, banking on the Gurugram-based Fashinza’s roster of over 250 manufacturers that currently serves 200+ brands across 6 countries, including the United States, Canada, the UAE and India.
Existing investors Accel, Elevation, and ADQ also contributed to the round which had the participation from angel investors Naval Ravikant, Jeff Fagnan, Jake Zeller, Nivi and Nitesh Banta.
The round includes a mix of equity and debt financing.
“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,” Sandeep Singhal, Managing Director, WestBridge Capital, said on 17 May 2022.
In the past 12 months, Fashinza grew the business 10x crossing US$150 million in annualized Gross Merchandise Value (GMV) run rate. The company also reduced minimum order quantities to as low as 50 and reduced design to delivery Turn Around Time (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 (Small to Mid-sized Business) manufacturers.
“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,” said Ashutosh Sharma, Head of Investments, India, at Prosus Ventures.
“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,” said Sharma.
“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,” elaborated Abhishek Sharma, co-founder of Fashinza.
“We are now also using the massive data we generate to solve financial challenges for our customers and suppliers with our fintech products,” he explained.
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,” added Pawan Gupta, CEO and co-founder of Fashinza.
“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,” he said.
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.
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.
Prosus has a primary listing on Euronext Amsterdam (AEX:PRX) and a secondary listing on the Johannesburg Stock Exchange (XJSE:PRX), and is majority-owned by Naspers.
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. fiinews.com
