AI-based B2B marketplace platform Fashinza raised $30 million in Series C from Mars Growth Capital and Liquidity Group. Fashinza intends to use the funds to strengthen its supply chain capabilities and expand its operations in the United States, the Gulf, and Europe.
Fashinza’s mobile app assists small and medium-sized businesses in digitising their production processes. It also connects clothing manufacturers with supply chain partners all over the world.
According to its website, the startup has on boarded more than 200 clothing manufacturers from Bangladesh, India, Vietnam, and China.
“Fashinza is revolutionising the global fashion supply chain.” “Their performance since inception, the strength of their founding team, and their existing global network of manufacturers and customers gave us enough confidence in their ability to scale and sustain this business in the medium to long term,” said Navas Ebin, managing director of APAC for Mars Growth Capital and Liquidity Group.
Customers of Fashinza include Nykaa, Forever21, Noon.com, FirstCry, The Souled Store, and Bewakoof.com. It claims to have partnered with over 250 factories and to serve over 200 brands in the United States, the United Arab Emirates, the United Kingdom, Canada, and India.
Westbridge Capital, Elevation Capital, Accel, Prosus Ventures, Spearhead, Jake Zeller, Nitesh Banta, Jeff Fagnan, and ADQ are among its backers.
“We are confident that we can successfully penetrate new markets and provide our manufacturing solutions to key clients worldwide with their flexible cross-border financing solutions and extensive knowledge of navigating international markets.” At the same time, as we continue to revolutionise the fashion manufacturing industry, we remain committed to providing exceptional service to our key customers in the US and beyond,” said Abhishek Sharma, cofounder and COO of Fashinza.