Fashion e commerce zyod has raised $3.5 millions funding led by Lightspeed Venture Partner
- DATE OF ANNOUNCEMENT: 4 April 2023
Ankit Jaipuria and Ritesh Khandelwal Founded in 2023 to transform the apparel sourcing and manufacturing ecosystem in India
- TYPES OF FUNDING:Seed Round
- VALUATION : Not disclosed
Zyod has several investors including FJ Labs, Panthera Peak Capital, and select angels such as Abhishek Goyal (founder, Tracxn), Abhinav Sinha (global COO, Oyo), Gaurav Hinduja (COO, Gokaldas Exports), Ravi Khandelwal (founder, Yufta) and others. Zyod plans to use the funds to further strengthen the technology platform and team
- Zyod is a global B2B platform for apparel sourcing and manufacturing,it focuses on brands that are in the fast fashion space, giving them finished products in 21 days, based on their requirements, cofounder Ankit Jaipuria told ET. These fast fashion brands sell a much wider collection than the typical fashion brand, but would not want to hold 1,000 units large inventor of a particular design. The startup offers brand orders as low as 50 units.
- Zyod provides a new range of products within 21 days with an as low as 50 pieces MOQ. This unique combination of 5x faster sourcing at 50x lower MOQs makes it a lucrative option for global brands and buyers. Since its inception, Zyod has witnessed a steady market demand and has already served over 150 customers across 13 countries, democratising and simplifying fashion sourcing for every brand, retailer and wholesaler.
- The company has already built out a network of over 30 suppliers and enabled them to go global. While India has a large base of small and medium apparel manufacturing units, few have leveraged the tailwind of “make in India for the world” as global brands diversify their supply chains. Zyod partners with these manufacturers to uplevel their quality and skills, so they can compete globally using its technology. This has already helped many manufacturers to improve their capacity utilisation and therefore profits.
- Zyod is committed to build a platform and is ramping up rapidly and aims to grow the manufacturers and suppliers community 20 times.
- The company believes that the Indian economy is swiftly progressing towards B2B e-commerce for facilitating critical day-to-day business transactions and hence, striving to produce the best fashion.
- COMMENTS ON LATEST FUNDING:
Ankit Jaipuria and Ritesh Khandelwal, co-founders of Zyod said in a joint statement. “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 re-imagination of manufacturing itself, to build for the future. At Zyod, we are making fast fashion accessible to every brand/retailer using our unique, agile supply chain. Brands increasingly are relying on us to be the one-stop shop for launching new styles every week without the worry of inventory, making us their partner from design to delivery”
PURPOSE OF FUNDING :
The latest funding will be used to further strengthen the technology platform and team
Its competitors include Amazon and flipcart.
Source:Economics times, crunchbase, Inc