Mega technology investor Prosus Venture committed to supporting the second round of fundraising for Fashinza on May 17. The round also drew funding from Westbridge, smaller exiting investors Aceel, Elevation and ADQ and private investors Naval Ravikant, Jeff Fagnan, Jake Zeller, Nivi, and Nitesh Banta, and brought in a total $100 million U.S..

Prosus has invested more than $11 billion in India to date, with its recent PayU acquisition standing out as a major contribution. The company is looking to expand activities in the region.

In a 2021 interview with BusinessLine, Ashutosh Sharma, Prosus head of investment for India, highlighted the company’s overall strategy for its operations in the country: investing in products that were critical for the masses and tech-enabled, especially with pioneering AI. The company wants to create value for shareholders and have a meaningful impact simultaneously.

It is thus no surprise that Prosus Ventures has decided to invest in Fashinza. This India-based, AI-driven b-to-b marketplace and supply chain site for fashion items, brands and retailers has grown its business ten-fold over a single year. Fashinza prides itself on being a maintainable, revolutionary and agile international fashion supply chain. Its technology aims to scale its environmentally friendly practices to help reduce waste. Its services also include logistics, fintech and payment support. At the same time, it rosters over 250 manufacturers and serves more than 200 brands in over six countries, including the U.S., where it wishes to expand further.

Sustainability has become a major fashion industry focus in the past decade. With the fashion industry accounting for up to 10% of global carbon dioxide output, according to the United Nations Environment Programme, and clothing accounting for 60 million tonnes of plastic produced yearly, one can understand why. Prosus investing in a company trying to make a change in a high emission industry is a step in the right direction, especially considering that demand for clothing won’t let up any time soon

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