Fashinza, an AI-driven, business-to-business (B2B), marketplace based in India, has raised $100 Million in a round of funding led by Prosus Ventures and Westbridge.
According to a statement, the company will use the funds for a sustainable supply chain as well as expansion into new areas.
The round also saw participation from existing investors Accel, Elevation, and ADQ, and angel investors Naval Ravikant, Jeff Fagnan, Jake Zeller, Nivi, and Nitesh Banta.
The company stated that the financing is a mixture of equity and loan financing. “In the past 12 months, and in the middle of a global pandemic, Fashinza grew its business 10x, crossing $150 million in annualized GMV run rate,” it said.
According to the company, it has reduced minimum order units by as much as 50 and reduced design–to-delivery turn around-times (TATs), by half in a single calendar year.
Fashinza Fashinza, Pawan Gupta and Abhishek Sharma founded it in 2020. They handle all aspects of design, delivery, and support partner brands. Minimums are very low.
The company’s marketplace also includes logistics, fintech, and payment support.
There are more than 250 Indian, Bangladesh, China, Vietnam and China-based manufacturers. The company currently serves over 200 brands in six countries including the US and Canada.