Prosus, Westbridge lead $100-mn investment in Fashinza

 Prosus, Westbridge lead $100-mn investment in Fashinza

Fashinza co-founders Pawan Gupta and Abhishek Sharma

Fashinza, a B2B marketplace and supply chain platform for fashion brands and retailers, said Tuesday it has raised $100 million in a Series B round that includes a mix of equity and debt financing.

South Africa’s Prosus Ventures, earlier known as Naspers Ventures, and Indian private equity firm Westbridge Capital led the round. Existing investors Accel, Elevation Capital and ADQ pitched in, too.

Angel investors Naval Ravikant, Jeff Fagnan, Jake Zeller, Nivi, and Nitesh Banta also took part.

Fashinza is using the new funds to invest in supply chain technology and expand its presence globally. This includes monetizing fintech offerings, expanding into raw material procurement and creating a sustainable supply chain by 2030 and Industry 4.0 solutions for small and medium-sized manufacturers.

Fashinza was co-founded in 2020 by Pawan Gupta, Abhishek Sharma, and Jamil Ahmad. It raised $20 million in a Series A round last year.

The company says it has a roster of over 250 factories that serve more than 200 brands across six countries, including the US, Canada, the UAE and India. It claims that, in the past 12 months, it grew its business 10 times, crossing $150 million in annualized GMV run rate.

“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,” said Ashutosh Sharma, head of India investments at Prosus.

Fashinza says its technology reduces wastage across the entire production process. It aims to scale its environmentally friendly practices and materials to make costs comparable to unsustainable materials.

Sumit Upadhyaya

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