Fashinza, an India-based supply-chain marketplace for fashion brands and retailers, on Tuesday said it has raised $30 million from Mars Growth Capital and Liquidity Group.
Founded in 2020 by IIT Delhi alumni Pawan Gupta, Abhishek Sharma and Jamil Ahmad, Fashinza’s investors include Prosus Ventures and Westbridge Capital. The company said it will use the capital to meet its growing international working capital requirements.
In May, the company closed $100 million in a Series B funding round, after raising $20 million in a Series A round in August 2021 from Accel and Elevation Capital.
Fashinza connects family-run SMEs to the cloud with their mobile-based production management and visibility software. It also solves credit for fashion brands and suppliers in cross-border transactions through its Buy Now Pay Later programme.
The company has over 250 manufacturers in India, Bangladesh, China and Vietnam, and currently serves more than 200 brands across the US, UK, Canada, UAE, and India.
While Fashinza has few direct competitors in India, it indirectly competes with Udaan’s fashion vertical and Flipkart-Amazon’s wholesale businesses. It counts Nykaa, Forever21, Zink London and TheSouledStore among its clients.
“With their (Liquidity Group) flexible cross-border financing solutions and extensive knowledge of navigating international markets, we are confident that we can successfully penetrate new markets and provide our manufacturing solutions to key clients worldwide,” Sharma.
Prior to starting Fashinza, Gupta co-founded Curofy, a social networking app for doctors, while Sharma previously helped found e-commerce retailer OfferBean. Together with Ahmad, they launched Fashinza in 2020.