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Fashion platform Zilingo raises US$226m in series D round led by Sequoia
FASHION and lifestyle products platform Zilingo has raised US$226 million in a series D funding round led by Sequoia Capital.
Other investors in the round were Temasek Holdings, Burda Principal Investments, Sofina, EDBI and existing investors. Zilingo's total fundraising now stands at US$308 million following the latest round.
Zilingo will use the funds to invest in the infrastructure and technology needed to further integrate and digitise the fashion and beauty supply chain, and to expand in key markets including the Philippines, Indonesia and Australia in 2019.
The startup began in 2015 as a fashion and lifestyle marketplace, but has since expanded into the business-to-business space by providing supply chain capabilities to fashion merchants. Those solutions help fashion merchants to access manufacturers across Asia, and include tools to obtain procurement rates, logistics services, financial services, insurance, loans and analytics.
In a press statement, Zilingo said that revenue grew four times in the last 12 months.
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. Ankiti (Zilingo co-founder and CEO) and 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. We are amazed by the team's ability to envision and execute against such an ambitious roadmap and are excited to continue to support them on their journey."