Mars Growth Capital and Liquidity Group have invested $30 million in working capital finance in Fashinza, a B2B platform for international fashion supply chains. The Gurugram-based startup has raised money in two rounds during the past 12 months.
According to a statement from the company, the money will aid in Fashinza’s continuous transformation into a multinational corporation with sizable operations in the USA, the Middle East, and Europe. With this, the company has acquired risk capital worth more than $150 million during the last two years.
The business did not disclose its valuation in the latest round, although insiders claim that it was valued at between $300 and $350 million in the previous round.
Fashinza’s mobile-based production management and visibility software link family-run SMEs to the cloud. Under its Buy Now, Pay Later program, it also resolves credit issues for fashion designers and suppliers in international transactions. The firm asserts that it presently services more than 200 brands across five countries, including the US, UAE, UK, and India, with a roster of over 250 factories.
Clients may track time and activity calendars with the Fashinza app.
The company was established in 2020 by serial businessmen Pawan Gupta, Abhishek Sharma, and Jamil Ahmad. Its clients include Nykaa, Forever21, Noon.com, FirstCry, The Souled Shop, and Bewakoof.com.
Zetwerk, Zilingo, Bizongo, Geniemode, and Groyyo are competitors of Fashinza directly, and Udaan’s fashion vertical and Flipkart-wholesale Amazon’s operations are competitors on an indirect level.
With strict expenditure control, Fashinza had outstanding financial success in FY22. According to its annual financial statement filed with the RoC, the company’s losses decreased by 15% to Rs 5.36 crore in FY22 from Rs 6.31 crore in FY21, even though its sales increased by 2.4X to Rs 30.66 crore in the most recent fiscal year.
