Fashinza, A B2B Supply Chain Marketplace For Fashion Brands, Raises $100M
05/17/22, 11:30 AM
Location
abu dhabi's
Money raised
$100 million
The pandemic has majorly affected the global supply chain, with 60% of U.S. adults in an August 2021 Gallup survey saying that they’ve been unable to get a product they wanted in the past two months because of shortages. Bearing the brunt of the impact is the fashion industry, which employs millions of workers at retail stores, suppliers, and manufacturing factories around the world. Bangladesh, one of the largest exporters of ready-made garments, saw export earnings plunge from $34.13 billion in 2018 to under $28 billion in 2020 as Western brands wrestled with pandemic-related border restrictions.
Company Info
Location
abu dhabi's, abu dhabi, are
Additional Info
The company had over 400 ethical partner factories across these countries as of January 2021. B2B manufacturing marketplace Fashinza on Monday said it has raised $20 million (about Rs 148.6 crore) in funding from investors, including Accel Partners, Elevation Capital and actress Sonam Kapoor Ahuja. Multiple brands have used Fashinza to diversify their supply chains across countries like China, Bangladesh, Sri Lanka, Vietnam and India. Fashinza was started with the aim of helping small and medium ethical factories that employ millions of workers, connect with global demand and eliminate environmentally unsustainable practices of this industry like overproduction, he added.