New Delhi, March 28, 2023 – Fashinza, a Delhi-based fashion supply chain firm, has secured $30 Million funding from Mars Growth Capital, a global venture capital firm that invests in early to growth-stage startups and the Liquidity Group.
Fashinza has seen rapid growth since its inception, with several fashion brands already using its platform. The company plans to use the funding to expand its team and technology capabilities, as well as to enter new markets.
Fashinza, founded in 2021 by former Myntra executives Abhishek Sharma, Pawan Gupta, and Prashant Agarwal, offers a one-stop solution for fashion brands to manage their supply chain, from design to delivery. The company aims to streamline the fashion supply chain and reduce lead times, enabling brands to bring new collections to market faster and more efficiently.
Commenting on the funding, Abhishek Sharma, Co-founder and CEO of Fashinza, said, “With Liquidity Group’s 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.”
Fashinza aims to expand operations in US, Gulf and the Europe
The company will use the funds to support working capital requirements to expand into the US, Gulf, and Europe, it said in a statement. Fashinza has a roster of over 250 factories that currently serves 200+ brands across five countries, including the United States, Canada, UAE, UK & India.
Fashinza operates in a competitive space that includes Zilingo, a Singapore-based global competitor. The Delhi-based firm offers a B2B platform that provides logistics, fintech, and payment support to fashion brands. Other Indian supply chain companies include XSTOK, a platform that facilitates the buying and selling of surplus inventory, and Locofast, which connects textile suppliers with vendors.
“Fashinza is transforming 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 this business and sustain in the medium- to long-term,” remarked Navas Ebin, Managing Director of APAC for Mars Growth Capital and Liquidity Group.
The fashion industry has long been plagued by complex and inefficient supply chains, leading to slow lead times and high costs. Fashinza’s technology-enabled platform aims to address these issues by providing a transparent and efficient supply chain management solution for fashion brands.
With this funding round, Fashinza aims to continue its mission to revolutionize the fashion industry and become the go-to platform for fashion supply chain management.