Fashinza, a B2B manufacturing marketplace that solves apparel and fashion supply chain challenges by connecting fashion brands to experienced manufacturers, has announced that they have raised US $ 2.6 million in seed funding.
The funds will be utilised to solve all apparel supply challenges by digitising the entire sourcing cycle from design to delivery.
Notably, the initial seed funding round was led by Accel Partners and Elevation Capital with participation of marquee individual investors – Kunal Bahl and Rohit Bansal, Co-founders of Snapdeal, and Alok Mittal, Co-founder of Indifi.
More on the funding received, Pawan Gupta, CEO and Co-founder, Fashinza, averred “The global apparel supply chain needs technology-driven intervention for it to become efficient and fair. It needs to be more agile and it should be able to respond to changes much more quickly than it does at present.”
Fashinza was founded in 2020 by Pawan and Abhishek Sharma and as of January 2021, the company has more than 400 ethical partner factories in India, Bangladesh, Vietnam and Sri Lanka.
Pawan further added “For instance, during the pandemic, when the retail orders dived south, we were able to provide a scalable demand-supply matching platform for all PPEs and enabled the production of complete PPE kits by onboarding a greater number of suppliers in the moment of need.”
He also said that the funding received is an acknowledgment of their potential to transform the apparel supply chain and it will be invested to facilitate their growth in different directions.
In its commitment to blend innovation with sustainability, Fashinza is expanding its network of manufacturers across the globe and is working with leading brands across 10 countries.
Proud to be associated with Fashinza, Pratik Agarwal, VP, Accel Partners, said there’s no better time than now for Fashinza as they reinvent the US $ 500 billion global fashion supply chain for the digital era.
Conforming to the thoughts of Pratik, Akarsh Shrivastava, VP, Elevation Capital, said that Fashinza, with its product and tech-led approach is democratising this fast fashion supply chain, enabling both brands and suppliers with the wherewithal to navigate these shifts.
He expressed delight to be associated with Pawan and Abhishek in building a global firm.