Zyod raises $3.5 million, plans to improve technology, expand workforce
Business-to-business online fashion marketplace Zyod has raised $3.5 million in a seed funding round led by Lightspeed Venture Partners. The sourcing and manufacturing business plans to use the funds to ameliorate its technology and expand its employee base.
With its new funding injection, Zyod plans to further expand its network of micro, small, and medium enterprises in the apparel sourcing and manufacturing sectors, the Economic Times reported. The business will also hire more people to bolster its workforce and upgrade its technology.
As well as Lightspeed Venture Partners, the seed funding round also saw participation from businesses including Panthera Peak Capital and FJ Labs and individuals including Tracxn’s founder Abhishek Goyal and Oyo’s global COO Abhinav Sinha among others. To date, Zyod has onboarded 30 Indian fast fashion suppliers and 130 global brands.
“While fashion is rapidly transforming globally, the incumbent supply chain has not kept pace with how rapidly consumers have evolved and it needs a complete reimagination of manufacturing itself, to build for the future,” said Zyod’s co-founder Ankit Jaipuria, ET Retail reported. “At Zyod, we are making fast fashion accessible to every brand/ retailer using our unique, agile supply chain. Brands are increasingly relying on us to be the one stop shop to launch new styles every week, without worry of inventory.”
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