Fashinza, an Indian based AI-driven business-to-business (B2B) marketplace, has raised $100 million in a funding round led by Prosus Ventures (formerly Naspers Ventures) and Westbridge.
The company will use the funds to create a sustainable supply chain and expand into new geographies, it said in a statement.
The round also saw participation from existing investors Accel, Elevation, and ADQ, and angel investors Naval Ravikant, Jeff Fagnan, Jake Zeller, Nivi, and Nitesh Banta.
The funding is a combination of equity and debt financing, the company said. “In the past 12 months, and in the middle of a global pandemic, Fashinza grew its business 10x, crossing $150 million in annualized GMV run rate,” it said.
The company added that it reduced the minimum order units to as low as 50 and reduced design-to-delivery turn-around-times (TATs) by 50% in a single year.
Founded in 2020 by Pawan Gupta, Abhishek Sharma, and Jamil Ahmad, Fashinza Fashinza handles everything from design to delivery for its partner brands, with very low minimums.
The company’s marketplace also includes logistics, fintech, and payment support.
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.
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