Fashinza partners with fintech lenders to launch $15 million financing program for SME apparel manufactures
Business-to-business product development and production management platform for fashion brands and manufacturers Fashinza has partnered with fintech lenders to launch a $15 million financing program for small and medium enterprises.
Fintech lenders Fashinza has partnered with include Stride One and SaraLoan among others, the business announced in a press release on May 13. The business aims to help SMEs to scale their businesses and have the capacity to fulfil large orders from big fashion labels.
“India’s contribution to apparel manufacturing and the global fashion industry is undisputed,” said Fashinza’s co-founder and COO Abhishek Sharma in a press release. “While there is immense scope to grow for SMEs, availability of working capital remains a challenge. Our financing program for SMEs is an enabler and is empowering small manufacturers. We work closely with suppliers and have found that when the working capital is taken into account, they are able to work on bigger projects with bigger labels and scale their business.”
The supplier-financing program is designed to help manufacturers to focus on production without financial stress, according to Fashinza. Manufacturers can apply to get paid on time or request for early payment by paying a nominal interest on actuals through the scheme.
“In our endeavour to provide customised financing solutions, we have designed robust and flexible financial programs for Fashinza that meet their working capital needs,” said Stride One’s CBO Sameer Mahajan. “Through this partnership, Stride One continues its focus on creating disruptive supply chain financing solutions for new-age businesses, along with digitising the onboarding process of vendors.”
“We are excited to work with Fashinza as they are helping highly unstructured apparel manufactures by providing them a tech backbone to help them get more business,” said SaraLoan’s CBO Ashutosh Kumar. “By working with Fashinza, SaraLoan has been able to provide working capital to these manufacturers to help fulfil orders generated on the Fashinza platform. The solution offered by SaraLoan is flexible and manufacturers can draw as per demand and pay interest only on the amount utilised.”
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