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B2B marketplace Fashinza raises $30 mn to boost supply chain

IANS | March 28, 2023 01:26 PM

NEW DELHI: AI-driven B2B marketplace Fashinza on Tuesday announced that it has secured $30 million working capital funding from Mars Growth Capital and Liquidity Group.

Fashinza, which provides a global supply chain for fashion brands and retailers, said the funding will fuel the company's ongoing transition into a global business with significant operations in the US, Gulf, and Europe.

"With their flexible cross-border financing solutions and extensive knowledge of navigating international markets, we are confident that we can successfully penetrate new markets and provide our manufacturing solutions to key clients worldwide, " Abhishek Sharma, Co-Founder and COO of Fashinza, said in a statement.

"At the same time, we remain committed to delivering exceptional service to our key customers in the US and beyond, as we continue to revolutionise the fashion manufacturing industry, " he added.

By creating an online platform that allows both buyers and sellers to connect seamlessly, the company stated that it is revolutionising the way fashion works in today's high-speed digital age.

"Fashinza is transforming the global fashion supply chain. Their performance since inception, the strength of their founding team, and their existing global network of manufacturers and customers gave us enough confidence in their ability to scale this business and sustain in the medium- to long-term, " Navas Ebin, Managing Director of APAC for Mars Growth Capital and Liquidity Group, said in a statement.

Fashinza will use the capital to meet its growing international working capital requirements.

"Our capital is non-asset based and will hence support Fashinza to grow their business internationally in the most capital-efficient manner, " Ebin added.

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