STARTUP OF THE WEEK - FASHINZA
Legal Name: Fashinza
Headquarters: Gurgaon, Haryana
Founding Date: 2020
Founder: Pawan Gupta and Abhishek Sharma
CEO: Pawan Gupta
A Gurugram-based startup Fashinza has formally unveiled India’s one of its kind B2B platform that helps apparel and fashion brands outsource their manufacturing with complete transparency and reliability. Within end-to-end cloud-based production platform, it helps apparel and fashion brands outsource their manufacturing efficiently.
Fashinza Founded in 2020 by IIT Delhi Alumni Pawan Gupta and Abhishek Sharma. The Startup handles everything from design to delivery for their partner brands by providing end-to-end online ordering, complete production tracking from the factory floor, low minimum order quantity, and fast and ethical production. It creates sustainable and futuristic supply chains for fashion brands while improving the lives of workers, will use the funds to invest in supply-chain technology and expand international presence, especially in the US and the Middle East.
Fashinza claims a B2B manufacturing marketplace that solves apparel/fashion supply chain challenges by connecting fashion brands to experienced manufacturers. And the company connects family-run small –and mid-sized audited factories to the cloud with their mobile-based production management and visibility software. Fashinza offers visibility to track each procurement step using the tech-enabled platform from fabric design, costing & sampling, production, quality check, and delivery. Its catalogue includes shirts, sweatshirts, jeans, home textiles, and more. Fashinza solves the credit for fashion brands and suppliers in cross-border transactions through its Buy Now Pay Later program.
Fashinza cloud-based software helps global brands to work with the lowest MOQs (Minimum Order Quantity) in the industry and have fast turnarounds. As of 2021 January, it has 400 plus ethical partner factories across India, Bangladesh, Vietnam, and Sri Lanka. The startup counts the brands like Forever21, Noon.com, FirstCry, The Souled Store, and Bewakoof.com among its customers.
Pawan Gupta, Co-Founder & CEO, Fashinza, said, “Our cloud-based software were transforming the fashion industry by digitizing global supply chains and making sustainable sourcing easy and cost-effective for brands and every player in the supply chain network. Our platform enables brands to manage their entire product development, production and sourcing, process from design right through delivery, all in one place. Fashinza helps brands to reduce inventory forecasting errors and produce goods with complete transparency and minimal effort. We currently have manufacturing units in India, Bangladesh, and Srilanka and have worked with several brands across India, USA, UK, Europe, and Australia."
B2B manufacturing marketplace Fashinza has raised $20 million in a mix of equity and debt as part of Series A funding from existing investors Accel Partners and Elevation Capital.
Abhishek Sharma, Co-Founder and COO, Fashinza said, “In Fashinza, we are creating a new generation supply chain and product development platform for the Fashion Industry. Through Fashinza, we are also addressing the problems of small and medium-sized manufacturers across the world. MSMEs industrial units don’t have experience in using state-of-the-art technology that radically improves the operations by introducing transparency and efficiency in the production process. By partnering with us they not only get to work with both national and international brands but also get an opportunity to upscale their business and operations through the integration of latest technologies."
Keywords: Fashinza, Fashion Industry, Pawan Gupta, Abhishek Sharma, startup, B2B fashion marketplace, Supply Chain And Product Development Platform For Fashion Industry