These are tests – a web based marketplace connecting shoppers with small, independent fashion designers in South and Southeast Asia, raised $54 million in a Series C funding round co-led by Belgian investment firm Sofina, Burda Principal Investments and Sequoia Capital.
The capital injection comes just seven months after a Series B funding round through which the startup posted a net profit 17 million US dollars.
Zilingo Co-Founder and CEO Ankiti Bose said Technology in Asia that the brand new funds will probably be used to speed up growth in Indonesia – which the startup has identified as a key growth goal – and to expand into other promising Southeast Asian markets, including the Philippines.
“The plan also includes further expansion of our supply base in Cambodia and Bangladesh, in addition to our existing base in ASEAN markets,” she added.
The company began its operations in Thailand in 2015 when it was founded by Ankiti Bose (CEO) and Dhruv Kapoor (CTO). According to Technological crisis, Bose, a former analyst at Sequoia India and McKinsey, got the concept to maneuver traditional retailers online after visiting Bangkok and being amazed by the range of fashion items available at street markets.
But now the corporate has grown beyond online sales to a platform that serves merchants, retailers, and types across each B2C and B2B sales. This was possible due to an early deal with providing core services to retailers that prolonged beyond the net store.
E-commerce site Zilingo sells on to consumers in Indonesia, Thailand, and Singapore, and ships worldwide to 4 additional countries. Its technical team relies in India, with delivery bases in Singapore, Thailand, Indonesia, China, Bangladesh, Vietnam, and Cambodia.
With this deal, Zilingo has entered the highest 20 most funded startups in Southeast Asia. Technology in Asia data. This makes Zilingo the ninth best-funded e-commerce portal within the region and the second best-funded fashion specialist after Rocket Internet-backed Zalora.
Currently, half of Zilingo’s management team is made up of ladies, which Bose says helps the startup higher connect with its users.
“E-commerce is mostly used by a significant number of women,” Bose said. Bloomberg. “Having a female leader helps with that perspective. So it’s first-hand experience.”
