Fashinza, a B2B marketplace for global fashion supply chains, has secured $30 million in working capital funding from Mars Growth Capital and Liquidity Group. This is the second funding round for the Gurugram-based company in the last 12 months.
The funding will help Fashinza’s ongoing transition into a global business with significant operations in the USA, Gulf, and Europe, the company said in a statement. With this, the firm has scooped up over $150 million in risk capital in the past two years.
While the company did not disclose its valuation in the new round, it was valued anywhere between $300 and $350 million during the last round, according to Entrackr’s sources.
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 claims that it has a roster of over 250 factories that currently serves more than 200 brands across five countries, including US, UAE, UK, and India.
Customers can use the Fashinza app to track time and action calendars.
Launched in 2020 by serial entrepreneurs Pawan Gupta, Abhishek Sharma, and Jamil Ahmad, the firm counts Nykaa, Forever21, Noon.com, FirstCry, The Souled Store, and Bewakoof.com among its customers.
Fashinza’s direct competitors include Zetwerk, Zilingo, Bizongo, Geniemode and Groyyo while it indirectly competes with Udaan’s fashion vertical and Flipkart-Amazon’s wholesale businesses.
Fashinza had demonstrated strong financial performance in FY22 with tight control on expenses. While its revenue surged 2.4X to Rs 30.66 crore in the last fiscal year, the company’s losses reduced by 15% to Rs Rs 5.36 crore in FY22 from Rs 6.31 crore in FY21, according to its annual financial statement with the RoC.