ZILINGO PTE, a Singapore-based online fashion marketplace, raised $226 million to fund an expansion into the Philippines, Indonesia and Australia. Investors in the series D financing included Sequoia Capital, Temasek Holdings Pte, Burda Principal Investments, Sofina and EDBI. The start-up is valued at $970 million, according to people familiar with the matter who asked not to be named because the information is private.
The latest funding brings the total capital raised by Zilingo to $308 million USD. The company currently has offices in eight countries with more than 400 employees, including 80 engineers in Bengaluru, India.
Zilingo, which was founded by Ankiti Bose and Dhruv Kapoor, started as a fashion and lifestyle marketplace in 2015 to help small merchants build scale. It developed software and other tools allowing vendors to access factories from Bangladesh to Indonesia for manufacturing and also helped with cross-border shipping and inventory management. Listings on Zilingo are provided for free with the company charging a commission of between 10% and 20% on orders, which has helped the company increase revenues by 400% during the last 12 months.
Shailendra Singh, Managing Director of Sequoia Capital (India) Singapore, which has backed Zilingo said, “Ankiti and team have rapidly transformed their original ideas about Zilingo into a platform company that serves fashion consumers, merchants, retailers, brands and manufacturers.”
Ms. Bose, 27, the Chief Executive Officer of Zilingo previously worked at Sequoia Capital and McKinsey & Co. in India. She came up with the idea for Zilingo after a visit to Bangkok’s popular Chatuchak market, which features more than 15,000 booths selling goods from across Thailand. Ms. Bose and Mr. Kapoor, who serves as chief technology officer, realized that many small merchants suffered from a lack of access to technology, capital and economies of scale and believed that Zilingo could be the solution to the problems that these merchants faced.