Zilingo Raises $226M in Series D Funding

Singapore’s Zilingo raises US$226 million to expand fashion site

Singapore’s Zilingo raises US$226 million to expand fashion site

"We are pretty close to profitability and have a clear path to it", Ankiti Bose, the company's co-founder and CEO, told Reuters. The newer financing valued Zilingo at $970 million, according to people known with the matter, who also asked not to be named or questioned because the information is to be kept private.

Fashion and beauty e-commerce marketplace Zilingo has raised massive $226 million in its latest Series D round of funding from Singapore's Temasek Holdings, EDBI - the corporate investment arm of Singapore's Economic Development Board.

The startup has racked up a total $306 million in funding.

Starting up for women entrepreneurs is not easy. As per the report, Last year, India ranked at 52 on the 57-country list of Mastercard Index for Women Entrepreneurs. Among other major startup ecosystems, the United States ranked in the top five, while China is in the top 30. "Whether it is techies in Bengaluru or the fashion gurus of Singapore or merchants, being empathetic is essential", Bose said.

The number of women entrepreneurs are still far less in the start-up world making Ankiti's efforts in achieving this hard feat highly commendable.

Bose met Kapoor in Bengaluru when she was looking for investments for her company in 2014. Bose was then 23-year-old and Dhruv Kapoor was 24-year-old, software engineer at gaming studio Kiwi Inc., when they randomly had a realisation that they possess complementary skills and certain ambitions to develop their individual startup.

Also, unlike the Indian market-where players like Flipkart (which owns Myntra and Jabong) and Amazon India, besides a slew of well-funded fashion portals Limeroad and Voonik existed-there were no players serving the Southeast Asia market.

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". Four months later they had quit their jobs, and each had put in their $30,000 in savings to found Zilingo, an online platform that allows small merchants in Southeast Asia to build scale. By late 2016, Bose realised that there was a bigger opportunity in helping small merchants scale up and compete with big brands like Zara and Uniqlo through a business-tobusiness (B2B) platform.