Zyod raises $3.5 million in funding round led by Lightspeed Venture Partners
Zyod, an online marketplace for sourcing and manufacturing garments from businesses, announced that it has secured $3.5 million in seed capital from a round that was co-led by Lightspeed Venture Partners. FJ Laboratories, Panthera Peak Capital, and a limited group of angel investors, including Ravi Khandelwal, the founder of Yufta, Abhishek Goyal, the founder of Tracxn, and Abhinav Sinha, the global COO of Oyo, also participated in the seed round.
Zyod plans to use the funds to improve technology and hire more people. From adding more manufacturers and suppliers to introducing new features, the company will continue to focus on building a larger network of MSMEs in the apparel sourcing and manufacturing segment.
The business claimed to be actively hiring across a variety of departments, including operations, marketing, technology, and product. 130 brands from around the world and 30 suppliers from India have so far joined. According to cofounder Ankit Jaipuria, Zyod focuses on rapid fashion brands and delivers finished products to clients in 21 days, depending on their specifications. Although these quick fashion companies offer a considerably greater selection than the average fashion retailer, they would not want to have a big inventory of 1,000 items of a single design. The new business accepts brand orders starting at 50 units.
“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 Jaipuria. “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 the worry of inventory, making us their partner from design to delivery”.
Shein, a Chinese company, invented online rapid fashion. Online fast fashion firms like Virgio, launched by the former CEO of Myntra, Amar Nagaram, have recently attracted a lot of investor attention in India as well. December 16 marked the first time in the company's short history that Virgio was able to raise $35 million at a valuation of roughly $160 million. Zyod, which was established in January 2023, intends to utilise the money to eventually multiply the number of its suppliers by 20.
Zyod plans to use the funds to improve technology and hire more people. From adding more manufacturers and suppliers to introducing new features, the company will continue to focus on building a larger network of MSMEs in the apparel sourcing and manufacturing segment.
The business claimed to be actively hiring across a variety of departments, including operations, marketing, technology, and product. 130 brands from around the world and 30 suppliers from India have so far joined. According to cofounder Ankit Jaipuria, Zyod focuses on rapid fashion brands and delivers finished products to clients in 21 days, depending on their specifications. Although these quick fashion companies offer a considerably greater selection than the average fashion retailer, they would not want to have a big inventory of 1,000 items of a single design. The new business accepts brand orders starting at 50 units.
“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 Jaipuria. “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 the worry of inventory, making us their partner from design to delivery”.
Shein, a Chinese company, invented online rapid fashion. Online fast fashion firms like Virgio, launched by the former CEO of Myntra, Amar Nagaram, have recently attracted a lot of investor attention in India as well. December 16 marked the first time in the company's short history that Virgio was able to raise $35 million at a valuation of roughly $160 million. Zyod, which was established in January 2023, intends to utilise the money to eventually multiply the number of its suppliers by 20.
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