 "Apparel supply chain start-up Fashinza raises $30 mn in business funding")
Fashinza, a start-up that helps fashion supply chains, has raised $30 million in funding from Mars Growth Capital and Liquidity Group.
The B2B company said it will use the funding to expand business in the USA, West Asia and Europe. Through its platform, Fashinza connects small and medium enterprises directly to fashion brands across the world.
"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," said Navas Ebin, managing director of APAC for Mars Growth Capital and Liquidity Group.
"Our capital is non-asset based and will hence support Fashinza to grow their business internationally in the most capital-efficient manner," he said.
Fashinza, which was founded in 2020 by Abhishek Sharma, Pawan Gupta and Jamil Ahmad, assists more than 250 factories of 200 brands in five countries, including India.
"As we focus on expanding our presence in international markets, including the USA, we are excited to partner with Liquidity Group to support our growth and to bring our innovative manufacturing solutions to a global audience," said Sharma, co-founder and COO of Fashinza.
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“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,” he said.
“Fashinza is a promising pre-unicorn with global aspirations. Mars Growth Capital and Liquidity Group have been supporting companies like Fashinza to transition into becoming truly global businesses, and the prospects for a long-term partnership with the company are exciting," said Nir Shmueli, Investment Manager at Mars Growth Capital and Liquidity Group.