The company will use the funds to invest in the infrastructure and technology needed to further integrate and digitize the fashion and beauty supply chain. It is also eyeing expansion into key markets including the Philippines, Indonesia, and Australia by the end of this year.
Commenting on this funding, Shailendra Singh, managing director at Sequoia Capital (India) Singapore said,
Sequoia’s investment in Zilingo dates back to when the company wasn’t even yet incorporated and the name wasn’t
finalised. Ankitiand 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.
Zilingo, based in Singapore, started as a fashion and lifestyle marketplace in 2015 by Ankiti Bose and Dhruv Kapoor. The company developed its own proprietary suite of tools that enable fashion merchants to access manufacturers across Asia and enable different procurement rates, optimised logistics services, financial services, insurances, loans and analytics for them.
Currently, the company sells products in Indonesia, Thailand, Singapore, and ships internationally to four more countries and has supply bases in Singapore, Thailand and Indonesia, as well as China, Bangladesh, Vietnam and Cambodia.
Prior to this Series D funding round, the company had raised $54 million in its Series C funding round last year. With this new capital coming in, the company has secured around $308 million in funding so far. The company claims to have grown 4x by revenue in the last 12 months.