Fashion Supply Platform Fashinza Raises $100M

 Fashion Supply Platform Fashinza Raises $100M

Fashinza, a B2B marketplace/supply chain platform for fashion brands and retailers, raised $ 100 million in the Series B funding round.

According to a Tuesday (May 17) news release, the fund follows a 12 -month period in which India -based Fashinza has grown its business tenfold, surpassing $ 150 million in annual cross -merchandise value run rate.

The company said it will use the funds to expand its global presence and invest in supply chain technology. It hopes to monetize FinTech’s offerings, expand raw material purchases and create a sustainable supply chain by 2030 and Industry 4.0 solutions for small to medium-sized business manufacturers.

“The supply chain issues in the fashion industry have faced some unique challenges over the past few years that have also made the sector ripe for collapse,” said Ashutosh Sharma, who heads investments in India to Prosus Ventures, leading the phase.

Learn More: Weaving Innovative B2B Payments Through the International Clothing Supply Chain

PYMNTS spoke last year with Fashinza CEO Pawan Gupta about how digitizing B2B marketing can empower brands and manufacturers in the sector to keep up with customer demands without causing harm. B2B payment disruptions.

Gupta said clothing supply chains need to evolve in line with customer demands, such as the need of American buyers for sustainability and ethical production. But if U.S. brands rely heavily on overseas manufacturers, gaining visibility into business practices remains a challenge.

“The fact that 95% of production is outsourced overseas makes it even more difficult for U.S. brands to control where and under what conditions their products are made,” he said. “Therefore, many decisions by U.S. brands are based on the trust they place in their manufacturing partners and the visibility they get from the factory floor.”



About: It’s used by shoppers with store cards for 87% of all eligible purchases- but that doesn’t mean shoppers should boot purchases now, pay later (BNPL) options from now on. checkout. The Truth About BNPL And Store Cards, a PYMNTS and PayPal collaboration, surveyed 2,161 consumers to find out why providing BNPL and store cards is key to helping merchants increase conversions.

Source link

Related post