Fashinza Raises $20 Million Funding From Accel Partners, Elevation Capital, Others
- ByStartupStory | August 2, 2021
B2B manufacturing marketplace Fashinza announced that it has raised USD 20 million funding from investors, including Accel Partners, Elevation Capital and actress Sonam Kapoor Ahuja. The series A round, a mix of equity and debt, also saw participation from Abu Dhabi’s DisruptAD, Stride Ventures, Alteria Capital, Tradecred and Anand S Ahuja (MD, Shahi Exports), a statement said. Founded in 2020 by Abhishek Sharma and Pawan Gupta, Fashinza connects family-run small/midsized audited factories to the cloud with their mobile-based production management and visibility software. The funds will be utilized to invest in supply-chain technology, and expand the company’s presence and manufacturers’ base globally, especially in the US and the Middle East, it added.
In 2020, Fashinza had raised $ 2.6 million from Accel and Elevation as a part of its seed round. Its platform provides end-to-end online ordering for brands, complete production tracking from the factory floor, low MOQs (minimum quantity orders), and fast but ethical production. In May this year, the company expanded its operations to New York. It is present in 10 countries and has partnered with brands from the US, Canada, UK, Middle East, and India. At present, it is associated with over 150 brands, including Forever 21, Hummel, Centrix Brands, Amaro, Clovia, and Bewakoof.com. Multiple brands have used Fashinza to diversify their supply chains across countries like China, Bangladesh, Sri Lanka, Vietnam and India. The company had over 400 ethical partner factories across these countries as of January 2021.
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