Fashinza, an AI-driven business-to-business marketplace, has raised $100 million in a funding round led by Prosus Ventures and WestBridge. The company had raised a $20 million Series A round co-led by Accel and Elevation Capital in August last year.
Entrackr had exclusively reported about the development on March 2.
According to Fashinza, the round is a combination of equity and debt and saw participation from existing investors Accel, Elevation, and ADQ, along with angel investors Naval Ravikant, Jeff Fagnan, Jake Zeller, Nivi, and Nitesh Banta.
The company will use the funds to create a sustainable supply chain and expand into new geographies, said Fashinza in a statement.
While the company did not disclose its valuation, our sources had estimated that it would be anywhere between $300 and $350 million. It has raised around $123 million across equity and debt rounds to date.
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 program. The company has over 250 manufacturers in India, Bangladesh, China, and Vietnam, and currently serves more than 200 brands across six countries, including the US, Canada, UAE, and India.
Founded in 2020 by Pawan Gupta, Abhishek Sharma, and Jamil Ahmad, Fashinza claimed that its business grew 10 fold over the last 12 months and it has crossed $150 million in gross merchandise value run rate.
While Fashinza’s direct competitors are few, it indirectly competes with Udaan’s fashion vertical and Flipkart-Amazon’s wholesale businesses. Kunal Bahl, Rohit Bansal and Alok Mittal are the early backers of the Gurugram-based startup.