B2B manufacturing marketplace Fashinza said it has raised $20 million in funding from investors, including Accel Partners, Elevation Capital and actress Sonam Kapoor Ahuja, according to PTI report.
The series A round, a mix of equity and debt, also saw participation from Abu Dhabi’s DisruptAD, Stride Ventures, Alteria Capital, Tradecred and Anand S Ahuja (MD, Shahi Exports), a statement said.
The funds will be utilised to invest in supply-chain technology, and expand the company’s presence and manufacturers’ base globally, especially in the US and the Middle East, it added.
Founded in 2020 by Abhishek Sharma and Pawan Gupta, Fashinza connects family-run small/midsized audited factories to the cloud with their mobile-based production management and visibility software.
In May this year, the company expanded its operations to New York. It is present in 10 countries and has partnered with brands from the US, Canada, UK, Middle East, and India. At present, it is associated with over 150 brands, including Forever 21, Hummel, Centrix Brands, Amaro, Clovia, and Bewakoof.com.
Multiple brands have used Fashinza to diversify their supply chains across countries like China, Bangladesh, Sri Lanka, Vietnam and India. The company had over 400 ethical partner factories across these countries as of January 2021. “Fashinza has grown over 20x in the last 12 months. COVID 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,” Fashinza CEO and cofounder Pawan Gupta said.
“Fashinza was started with the aim of helping small and medium ethical factories that employ millions of workers, connect with global demand and eliminate environmentally unsustainable practices of this industry like overproduction,” he added.
“By 2030, we want to build an environmentally net positive supply chain at a scale that doesn’t even cost extra,” he said.
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