Home / Apparel / Fashion / Design/ Fashion startup Zilingo raises $226 million from Singapore’s Temasek, others

Fashion startup Zilingo raises $226 million from Singapore’s Temasek, others

Comments / {{hitsCtrl.values.hits}} Views / Tuesday, 26 February 2019 00:00


SINGAPORE (Reuters): Southeast Asian fashion startup Zilingo said it has raised $226 million in its latest funding round from existing backers such as venture capital firm Sequoia Capital, with Singapore’s Temasek Holdings joining as a new investor.

The Series D financing follows a $54 million fundraising last year, taking the total capital raised by the company to $308 million. The company declined to provide valuation.

The latest round included Singapore investment fund EDBI and previous investors Burda Principal Investments, a division of Germany’s Hubert Burda Media, and Belgian investment firm Sofina, Zilingo said in a statement on Tuesday.

The Singapore-headquartered company plans to use the funds to invest in infrastructure and technology to further integrate and digitise the fashion and beauty supply chain, it said.

Zilingo, whose main market for the consumer business is Indonesia, is expanding in countries such as Australia in 2019.

The company, which started as a fashion marketplace, has been rapidly growing its business-to-business (B2B) tools and platforms, which include providing value-added services to its merchants as well as a marketplace to help them source efficiently from manufacturers.

The company, which also acts as an affiliate for companies to provide financing to small firms on its platform, is now earning the bulk of its revenue from its B2B business.

Zilingo has grown its revenues by four times in the last 12 months, it said, but did not provide specific numbers.

“We are pretty close to profitability and have a clear path to it,” Ankiti Bose, the company’s co-founder and CEO, told Reuters. Bose founded the company in 2015 with Dhruv Kapoor, its chief technology officer.

In Southeast Asia, local fashion e-commerce players such as Zalora, ‘Love, Bonito’ and JD.com-backed fashion retailer Pomelo compete with global platforms like ASOS. A study by Google and Temasek has forecast that e-commerce in Southeast Asia will exceed $100 billion in gross merchandise value by 2025 from over $23 billion in 2018.

Bose said purely selling to consumers would mean that the only way to win is through price wars and discounting.

“Instead what we are trying to do is trying to lower the cost of procurement for these merchants and add services on that layer there, which is basically before it even gets to the merchant and they try to sell it online,” she added.

Share This Article

Facebook Twitter


1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.


Today's Columnists

Politics and governance in need of radical change

Monday, 26 August 2019

 The very concept of an institutionalised political party and fans who blindly support it (under any circumstance) – raises serious questions about human intelligence. Human intelligence has powered great pursuits such as Artificial Intelligence a

Go digital now

Monday, 26 August 2019

It’s a no brainer. An agency head I know recently said to me: “The jury is still out on the impact of digital advertising on client business in Sri Lanka.” I said: “What makes you say that.” He was clear. He said: “No numbers to support i

No bourgeoisie, no democracy

Monday, 26 August 2019

In the dark, forbiddingly bleak topography of our dysfunctional democracy, the emergence of the National People Power (NPP) coalition is a refreshingly propitious development. The centre-left intelligentsia could not resist comparing it to the mass

STG who became SDG of the Central Bank

Monday, 26 August 2019

A hard taskmaster as Director of Economic Research When Dr. S.T.G. Fernando, fondly known as STG, was appointed as Director of Economic Research of the Central Bank in 1979, his fame – or perhaps, notoriety – as a hard taskmaster had travelled to

Columnists More

Special Report