Singapore-based online fashion marketplace Zilingo has secured a fresh $226 million investment in Series D funding. The fresh capital infusion comes from the clutch of existing backers which include Sequoia India, Singapore sovereign fund Temasek, Germany’s Burda and Sofina. Singapore’s Economic Development Board's corporate investment arm EDBI has invested as a first-time investor in the company.
The current round takes the total capital raised by the firm to $307.9 million. The last investment for the firm came last year where it picked Series C round capital. Susquehanna International Group (SIG), Draper Associates Tim Draper and Manik Arora are the other notable backers of the company. Notably, the firm is not giving the valuation details of the firm but as per various sources, the company is very close to being turned to a unicorn.
The company was launched by Ankit Bose and Dhruv Kapoor in 2015 as a fashion and lifestyle marketplace. The company later forayed into cross-border shipping and inventory management along with developing software to help small merchants scale their businesses.
Shailendra Singh, Sequoia Capital (India) Singapore managing director talking about the firm said, “Sequoia’s investment in Zilingo dates back to when the company wasn’t even yet incorporated and the name wasn’t finalized. Ankit and team have rapidly transformed their original ideas about Zilingo into a platform company that serves fashion consumers, merchants, retailers, brands and manufacturers, collectively representing a multi-hundred billion dollar market size.” Dhruv Kapoor, the CTO of the firm said that they are re-wiring the supply-chain of the industry to add value.
The firm has its offices in 8 countries where it employs close to 400 people with their engineering team of 80 sitting in Bangalore office in India. The company sells its products in Indonesia, Thailand, Singapore and ships to four more countries apart from having supply bases in Singapore, Thailand, and Indonesia, China, Bangladesh, Vietnam, and Cambodia.
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