India-based clothing manufacturing platform raises $100m

Fashinza, an India-based B2B apparel manufacturing platform, has raised US$100 million in a series B funding round co-led by Prosus Ventures and WestBridge Capital.

(From left) Fashinza co-founders Jamil Ahmad, Pawan Gupta, and Abhishek Sharma. / Photo credit: Fashinza

The funding round, which was a combination of equity and debt, saw participation from Fashinza’s existing investors Accel, Elevation, ADQ, and a few angel investors.

Launched in 2020 by Pawan Gupta, Jamil Ahmad, and Abhishek Sharma, the Gurugram-based firm’s AI-powered platform handles everything from design to delivery for partner brands, with a focus on sustainability.

The company works with more than 250 factories that serve over 200 brands across six countries, including the US, United Arab Emirates, Canada, and India. Fashinza said it recorded a 10x growth in its annualized gross merchandise value run rate, which exceeded US$150 million in the last 12 months.

“We are now also using the massive data we generate to solve financial challenges for our customers and suppliers with our fintech products,” Sharma, Fashinza’s COO, said in a statement.

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The company plans to use the funds to create a sustainable supply chain for the global fashion industry and increase its presence globally.

Fashinza had raised US$20 million in a series A funding co-led by existing investors Accel Partners and Elevation Capital, with participation from Abu Dhabi’s DisruptAD, Stride Ventures, Alteria Capital, and TradeCred.