Zilingo raises $226 mn from Sequoia and Temasek

Southeast Asian fashion start-up Zilingo has raised $226 million in its latest funding round from existing investors such as venture capital firm Sequoia Capital, while Temasek joined as a new investor.
technology-for-fashionThe Series D financing follows a $54 million fundraising last year, taking the total capital raised by the company to $308 million.

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.

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

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 expanded 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 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.

Ankiti Bose, the company’s co-founder and CEO, founded the company in 2015 with Dhruv Kapoor, its chief technology officer.