Indian fashion supply chain marketplace banks $20m from Accel, others

Fashinza, a business-to-business apparel manufacturing marketplace based in India, said it has raised US$20 million in a mix of equity and debt as part of its series A fundraise.

The round was co-led by existing investors Accel Partners and Elevation Capital, with participation from Abu Dhabi’s DisruptAD, Stride Ventures, Alteria Capital, and TradeCred, according to a statement. Bhaane founder Anand Ahuja and actor Sonam Kapoor Ahuja also invested.

Fashinza co-founders Pawan Gupta (left) and Abhishek Sharma / Photo credit: Fashinza

Established last year, Fashinza’s AI-powered platform handles everything from design to delivery for its partner brands while focusing on sustainability. As of January 2021, the firm has 400 plus ethical partner factories across India, Bangladesh, China, and Sri Lanka.

The clothing supply chain company currently works with over 150 brands across 10 countries like Forever21, Noon.com, Centrix Brands, Amaro, Clovia, and Bewakoof.com. In May, Fashinza said it has already expanded its operations to New York.

The startup said it plans to use the fresh funds to expand its presence globally, with an emphasis on the US and the Middle East.

“We started Fashinza because we wanted to help small and medium ethical factories employing millions of workers, connect with global demand and eliminate environmentally unsustainable practices of this industry like overproduction,” said CEO and co-founder Pawan Gupta.

The executive said Fashinza aims to build an environmentally net-positive supply chain by 2030.