Dubai: Fashinza, the state-of-the-art product development and production management platform for fashion brands and manufacturers, has announced its partnership with Stride One, SaraLoan and a number of fintech lenders to enable projects. Small and medium-sized clothing companies specializing in the UAE and the region, through the “Suppliers Financing” program, which amounts to $ 15 million (AED 55.1 million).
The “Supplier Financing” program of “Fashenza”, in collaboration with the lenders to fintech companies, will help small and medium-sized businesses in the country to receive their payments on time and offer them the possibility of early repayment, which enables the ability of this projects to expand their business without any restrictions on the head Money.
At this event, Abhishek Sharma, co-founder and chief operating officer of Fashionza, said: “While there is enough room for SMEs to grow, the availability of working capital remains a challenge. Therefore, our SME funding program is one of the empowering and supporting factors. for small manufacturers. We work closely with suppliers and have found that when working capital is taken into account, these suppliers will be able to work on larger projects with well-known brands and expand their businesses. ”
He added, “The supplier financing program offered by Fashiona in partnership with Stride One and Saralon, a subsidiary of Blacksoil, among others lenders, will help manufacturers focus on production operations without facing financial pressure, to focus on operations and sales. “Future benefits for small and medium-sized businesses are the ability to increase production capacity and access new opportunities to grow their business at a faster pace.”
Sharma pointed out that the lack of the necessary working capital poses a major challenge and a stumbling block for small and medium-sized suppliers and manufacturers to meet the large orders of well-known fashion brands.
Jamil Ahmed, co-founder and chief business officer of Fashionza, said: “By working with partner lenders such as Stride and Saralon, we aim to provide financing to clothing manufacturers to solve their long-term cash flow problem. With that in mind, the supplier financing program is a win-win solution for all parties, including Fashionza, where manufacturers will be able to apply for early payment by paying only interest on the actual amounts used, which means they will receive their payments on time without the cash flow For Fashion our supplier financing program is a major catalyst for the exponential growth of the supply industry. ”
In turn, Samir Mahajan, Director at Stride One, said: “We strive to provide customized financing solutions as we have worked to design strong and flexible financial programs for Fashionza that meet its working capital needs. Through this partnership, Stride goes continue to focus on creating innovative supply chain financing solutions for modern companies, as well as digitizing the supplier-on-board process. ”
Ashutosh Kumar, Saralon’s Business Manager, in turn said: “We are excited to work with Fashionza in its efforts to support the casual apparel industry by providing them with an effective technology solution that helps them run their business.” Boosting with Fashionza, Saralon has managed to “It provides working capital to these manufacturers to help them meet the orders generated on the Fashionza platform. The solution provided by Saralon is flexible as it enables manufacturers to utilize it on demand and pay interest only on the amounts. use.”
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Fashion is an AI-powered corporate platform dedicated to supporting the global fashion supply chain. The platform’s goal is to create a sustainable supply chain by 2030 and empower SMEs through Industrial Revolution 4.0. The Fashiona platform helps fashion brands with everything from design and production to quality controls, delivery and access to finance, and offers complete control over all aspects of their operations. Fashiona’s current customer base includes high-end brands such as Forever 21, Bewakoff and First Cry. The platform is still eager to work with companies of all sizes, especially small businesses and sustainable brands. For more information, visit www.fashinza.com
Stride Ventures, the leading venture fund, has become synonymous with innovative start-up finance companies in India. The company has long distinguished itself as a fund with the ability to adapt, constantly develop and introduce new solutions within the enterprise’s ecosystem. Stride provides comprehensive debt financing and blockchain solutions Providing, across diverse sectors, to address the clear challenges facing strong, high-growth companies, backed by leading VCs.
Saralon offers solutions for businesses to better manage their payments to their customers and suppliers. By providing a platform that integrates with their existing accounting solutions, companies will be able to take a closer look at their payments and receipts.