Fashinza, a B2B marketplace for clothing manufacturers, has raised $30 million in a Series C funding round led by Mars Growth Capital and Liquidity Group. The company plans to use the funds to strengthen its supply chain capabilities and expand its business across the US, Gulf, and Europe.
Founded in 2020, Fashinza has already raised over $152 million from different investors to date. The platform helps small and medium-sized enterprises digitize their production process using its mobile app and connects clothing manufacturers with supply chain partners across the globe.
Fashinza claims to have partnered with more than 250 factories and serves over 200 brands in the US, UAE, UK, Canada, and India.
The startup’s backers include Westbridge Capital, Elevation Capital, Accel, Prosus Ventures, Spearhead, Jake Zeller, Nitesh Banta, Jeff Fagnan, and ADQ, among others. Fashinza counts Nykaa, Forever21, Noon.com, FirstCry, The Souled Store, and Bewakoof.com as its clientele.
In the last fiscal year (FY22), Fashinza clocked over 2x revenue growth at INR 30.66 Cr from INR 12.64 Cr in FY21. Its losses stood at INR 5.3 Cr in FY22, down from INR 6.3 Cr in FY21. Its total expenses stood at INR 37.9 Cr in FY22 against INR 19.8 Cr in FY21.
Navas Ebin, Managing Director of APAC for Mars Growth Capital and Liquidity Group, said that Fashinza is transforming the global fashion supply chain.
He added that the strength of the founding team, its performance since inception, and its existing global network of manufacturers and customers gave them enough confidence in their ability to scale the business and sustain it in the medium- to long-term.
Fashinza competes with the likes of Bizongo, Zetwerk, Geniemode, and Groyyo in India. Fashinza’s co-founder and COO, Abhishek Sharma, said that the company remains committed to delivering exceptional service to its key customers in the US and beyond as it continues to revolutionize the fashion manufacturing industry.