In a bid to connect retailers and manufacturers globally, Reevoy – a global fashion trade platform, has recently announced that it has raised INR 48 crores (approx USD 6 million) in debt for its invoice financing arm from Kilde. The company plans to use the funds to expand its operations by four-fold and enhance its operations and financial offerings for brands it is currently working with.
Radek Jezbera from Kilde said, “We have been extremely bullish on building the India story, and our investment in Reevoy is a testament to our continued commitment. Since its inception, Reevoy has been creating strides in the ecosystem through its offerings, such as low-cost capital to manufacturers to help minimise risks owing to control over the process. This has helped them attract key players across the ecosystem, and we are dedicated to their vision of streamlining the global fashion and home decor ecosystem.”
In the last few years, the fashion industry has evolved drastically and is expected to revolutionise in the next five years. With heating competition across the globe, consumers today are looking for variety, making it essential for the supply chain to update its strategies and become more agile and flexible.
Reevoy works with more than 10 retailers globally and over 80 factories across India and Bangladesh. Since its inception, the company has shipped one million pieces and is looking to send another two million in the remainder of the year. Last year, the start-up raised around USD 4 Mn as seed money, led by 9Unicorns and VCats, followed by Better Capital and Earlsfield Capital Partners participation.
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