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A fashion supply chain startup based in Gurugram It has raised $30 million in funding from Mars Growth Capital and Liquidity Group.
The company will use the funds to fund working capital requirements for expansion into the US, Gulf and Europe, it said in a statement.
In the year Founded in 2020 by Abhishek Kumar, Pawan Gupta and Jameel Ahmed, Fashionza is a business-to-business (B2B) marketplace that connects small, medium and micro enterprises with the best fashion brands around the world.
It currently has more than 250 factories serving more than 200 brands, across five countries, the US, Canada, the UAE, the United Kingdom and India.
To date, the firm has raised more than $135 million from investors including Elevation, Prosus, Westbridge Capital and Stride Ventures. In its latest funding round, due in May 2022, the company raised $100 million in equity and debt from Process Ventures and Westbridge Capital.
Fashinza offers logistics, fintech and payment support on the B2B platform and operates in a space where Singapore-based Zilingo is considered a global competitor. Other supply chain companies in India include XSTOK, a B2B platform for buying and selling surplus inventory, and Locofast, which connects textile suppliers with sellers.
“With Liquidity Group’s flexible cross-border financing solutions and extensive knowledge of exploring global markets, we are confident that we can successfully penetrate new markets and offer our manufacturing solutions to our key customers globally,” said Abhishek Sharma, Co-Founder and COO, Fashinza. .
Disclaimer: This story has been updated to correct the name of the founder mentioned in the story.
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