B2B startup Fashinza has announced that it has secured $20 million in the series A round led by Accel Partners and Elevation Capital. The round also saw participation from Abu Dhabi-based DisruptAD, Alteria Capital, Stride Ventures, and Tradecred. MD at Shahi Exports & Founder, Bhaane – Anand S Ahuja along with Sonam Kapoor Ahuja also participated in the latest funding round.
Speaking on the announcement, Pawan Gupta, CEO and Co-founder, Fashinza, commented, “Fashinza has grown over 20x in the last 12 months. COVID-19 has ceased travel and complicated the global apparel supply chain. Our AI-led technology platform automates everything — from finding the right supplier to managing production across stakeholders. We started Fashinza because we wanted to help small and medium ethical factories employing millions of workers, connect with global demand and eliminate environmentally unsustainable practices of this industry like overproduction. By 2030, we want to build an environmentally net positive supply chain at a scale that doesn’t even cost extra.”
Pratik Agarwal, Principal, Accel Partners, said, “At Accel, we’re delighted to deepen our commitment and relationship with the Fashinza team. We’re inspired by their electric execution against their vision to help fashion brands adapt to the ecommerce era with Fashinza’s agile manufacturing capabilities. We also admire Abhishek’s and Pawan’s priority to build a strong leadership team very early on. The early success Fashinza has achieved serving global brands validates the massive opportunity they’re going after. We’re confident that Fashinza can serve as a role model for more Indian startups building for the world from the get-go. We’re grateful for this partnership and super excited for the future!.”
Akarsh Shrivastava, Vice President, Elevation Capital, added, “COVID-19 has further underscored the need for agility and responsiveness for brands. Over the past year, Fashinza has been able to design and deliver an offering that addresses multiple issues in the supply chain, thereby alleviating this need for their brand customers and supplier base. Growth and customer satisfaction have only strengthened our belief in the opportunity. It has been a pleasure and privilege to work with Pawan, Abhishek and the rockstar Fashinza team as they disrupt this $600 billion opportunity.”
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