Prosus Ventures (previously Naspers Ventures) and Westbridge led a $100 million fundraising round for Fashinza, an AI-driven business-to-business (B2B) platform. According to a release, the cash will be used to build a sustainable supply chain and grow into other areas.
Existing investors Accel NSE 4.96 percent, Elevation, and ADQ, as well as angel investors Naval Ravikant, Jeff Fagnan, Jake Zeller, Nivi, and Nitesh Banta, participated in the round.
According to the firm, the capital includes a mix of stock and loan finance. “In the last 12 months, Fashinza has grown its business 10 times, reaching $150 million in annualised GMV run rate,” the company claimed.
In a single year, the business decreased design-to-delivery turn-around times (TATs) by 50 percent and reduced minimum order units to as low as 50.
“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,” said Pawan Gupta, Fashinza’s cofounder and CEO.
Logistics, fintech, and payment assistance are all available through the company’s marketplace.
“We are now also using the massive data we generate to solve financial challenges for our customers and suppliers with our fintech products,” Abhishek Sharma, cofounder and chief operating officer, said (COO).
The firm presently services over 200 brands across six nations, including the United States, Canada, the United Arab Emirates, and India, and has over 250 manufacturers in India, Bangladesh, China, and Vietnam.
“The issues of the fashion industry supply chain have grown immensely over the past few years – and these challenges have presented an opportunity that’s ripe for disruption.
The Fashinza team has quickly evolved in a space that needs to go beyond the traditional channels,” said Ashutosh Sharma, Prosus Ventures’ head of India investments.
To read our blog on “Senses, an AI startup, collects $16 million in A round of fundraising” click here.
