India’s Fashinza gets $100m Series B
Prosus Ventures and WestBridge Capital have led a USD 100m Series B round for India’s Fashinza, a B2B marketplace and supply chain platform for the fashion industry.
Existing investors Accel, Elevation Capital, and ADQ, an investment holding company controlled by the Abu Dhabi government, also participated alongside several angel investors. The round included a mixture of equity and debt.
Accel, Elevation and ADQ contributed to a USD 20m Series A last year with support from Alteria Capital, Stride Ventures, and TradeCred. Accel and Elevation provided seed investments as early as 2020, according to AVCJ Research. Local e-commerce giant Flipkart is also an investor.
Fashinza’s platform helps more than 250 manufacturers provide real-time supply and logistics services to around 200 fashion brands across markets including India, the US, Canada, and the United Arab Emirates. The company, which also offers financing solutions, claims to have grown 10x in the past 12 months, crossing USD 150m in annualised gross merchandise value.
The Series B capital will be used to invest in digital supply chain technology for small businesses and expand the global footprint, especially in North America. The company said this effort would include the monetisation of financial technology offerings, an expansion into raw materials procurement, and the establishment of a sustainable “net positive” supply chain by 2030.
“The issues of the fashion industry supply chain have faced some unique challenges in the past few years that have also made the sector ripe for disruption,” Ashutosh Sharma, head of India investments at Prosus, said in a statement.
“The Fashinza team has responded with agility, evolving to offer tech-based solutions beyond the traditional channels. We are confident about the team’s capability as they look to scale further and are delighted to partner with their mission.”
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