Fashinza, a B2B marketplace for apparel manufacturing, has raised $20 million in a mix of equity and debt as part of its Series A funding round led by Accel Partners and Elevation Capital.
The round also saw participations from Abu Dhabi’s DisruptAD, Stride Ventures, Alteria Capital, Tradecred, Bhaane founder Anand S Ahuja and actress Sonam Kapoor Ahuja.
The funds will be used to invest in supply-chain technology and expand presence in the US and the Middle East.
“Fashinza has grown over 20x in the last 12 months. Covid has ceased travel and complicated the global apparel supply chain. Our AI-led tech platform automates everything from finding the right supplier to managing production across stakeholders,” Pawan Gupta, CEO & co-founder, Fashinza, said.
Founded in 2020 by Pawan Gupta and Abhishek Sharma, Gurugram-based firm connects family-run small and mid-sized factories to the cloud with their mobile-based production management and visibility software.
Fashinza aims to be a marketplace that helps to outsource apparel manufacturing with transparency.
“Apart from the core offerings, we are also solving credit for fashion brands and suppliers in cross-border transactions through our Buy Now Pay Later programme where we offer Net 30/Net 60 payment terms for buyers.
We solve working capital challenges for suppliers through an embedded fintech ecosystem that operates on our core supply chain technology and data,” Abhishek Sharma, COO and co-founder, Fashinza, said.
The company currently operates in 10 countries and has partnered with brands from the US, Canada, UK, Middle East and India.
Fashinza works with brands like Forever 21, Hummel, Centrix Brands and Amaro, Clovia and Bewakoof.com.
Fashinza had earlier raised $2.6 million from Accel and Elevation as part of its seed round.