Temasek-backed Zilingo seeking US$200m in funding: sources

[SINGAPORE] Singapore's Zilingo, a startup providing technology to apparel factories and merchants, is seeking to raise US$150 million to US$200 million in its latest funding round, according to people with knowledge of the matter.

The company, which is backed by state-owned investor Temasek Holdings, is working with Goldman Sachs Group on the potential fundraising deal that could boost its valuation to over US$1 billion, said the people, who asked not to be identified as the process is private. Zilingo has reached out to some investors to gauge interest, the people said.

Deliberations are ongoing and details such as the fundraising size could change, said the people. Representatives for Goldman Sachs and Zilingo declined to comment.

Zilingo is joining a growing number of companies in South-east Asia raising funds for expansion. ShopBack, a Singapore online shopping rewards app, is in talks with potential investors to raise US$150 million, while Philippine fintech firm Voyager Innovations is considering raising US$150 million to US$200 million, Bloomberg News reported this week.

Co-founded in 2015 by chief executive officer Ankiti Bose and chief technology and product officer Dhruv Kapoor, Zilingo has grown into a business-to-business marketplace for wholesale buyers and sellers in the fashion industry. It was valued at US$970 million in early 2019 when it raised US$226 million from investors including Sequoia Capital India and Temasek. Bose told Bloomberg Television in June that the company is weighing going public among options to raise capital. BLOOMBERG