Fashinza raises $30 million from Mars Growth Capital and Liquidity Group

0
122

  • The funding will drive the company’s ongoing transition into a global company with significant operations in the US, Gulf region and Europe.
  • Last May, Fashionza had raised $100 million in a Series B funding round led by Prosus Ventures and Westbridge Capital.
  • The company helps brands connect with manufacturers and produce new collections within a short lead time.

Fashinzaa B2B marketplace and global supply chain for fashion brands and retailers, said on Tuesday it raised $30 million from Mars Group for growth capital and liquidity. The funding will drive the company’s ongoing transition into a global company with significant operations in the US, Gulf countries and Europe.

Gurgaon-based Fashinza will use the capital to meet growing international working capital needs. “Our capital is not asset-based and will therefore support Fashinza to grow their business internationally in the most capital-efficient manner,” said Navas Ebin, general manager of APAC for Mars Growth Capital and Liquidity Group.

Mars Growth Capital is a Singapore-based technology fund established to provide access to non-dilutive, affordable and liability-free growth capital for high-growth startups and technology companies in the Asia-Pacific and EMEA region.

Last May, Fashinza had raised $100 million in a Series B funding round led by Prosus Ventures and Westbridge Capital.

“Fashinza is transforming the global fashion supply chain. Their achievements since inception, the strength of their founding team and their existing global network of manufacturers and customers gave us ample confidence in their ability to scale this business and deliver it in the medium to long term. term,” Ebin added.

Fashinza is an artificial intelligence (AI) powered business-to-business (B2B) marketplace for global fashion supply chains. The company says it helps brands connect with manufacturers and produce new collections within a short lead time.

“As we focus on expanding our presence in international markets, including the US, we are excited to partner with Liquidity Group to support our growth and bring our innovative manufacturing solutions to a global audience,” said Abhishek Sharma, co-founder and chief operations officer of Fashinza.

“With their flexible cross-border financing solutions and extensive knowledge of navigating international markets, we are confident we can successfully penetrate new markets and provide our manufacturing solutions to key customers around the world,” added Sharma.

ALSO SEE: Shares of Adani group tumble, eroding market cap of ₹53,291 crore: all ten stocks in the red
Two multibagger stocks under Nifty500 doubled investors’ money over the past six months