Singapore-based fashion e-commerce company Zilingo has raised $54 million in a Series C funding round led by Belgium’s Sofina, German media giant Hubert Burda’s Burda Principal Investments and Sequoia Capital India.
The funding comes only five months after the company raised $17 million in a Series B round.
The round was joined by return backers Tim Draper, SIG, Venturra, Beenext and Manik Arora, as well as new investor Amadeus Capital.
Founded in 2015, the company has raised a total funding of $82 million in less than three years of existence, and claims to be creating an ecosystem for merchants to grow their online fashion business in Southeast Asia and beyond.
Currently, Zilingo sells in Indonesia, Thailand, Singapore and ships internationally to four more countries. It has supply bases in Singapore, Thailand & Indonesia, as well as China, Bangladesh, Vietnam & Cambodia. With over 10,000 independent merchants using the platform, Zilingo aspires to take Asian fashion to the world.
Founded by Ankiti Bose and Dhruv Kapoor, the company said it has grown 10x in revenues, launched a TV campaign in Indonesia and expanded the merchant ecosystem to include services.
It launched its B2C sites and apps in November 2015 across ASEAN to let fashion buyers buy from thousands of these merchants who used Zilingo Seller Platform at their offline or online store.
“We think the market is showing us the right signs in terms of adoption and retention, so it’s good to double down,” said Bose
Zilingo is part of the Southeast Asia e-commerce market that is getting crowded and has seen growing interest from investors around the world– mostly China — who have pumped in large amounts of capital into the e-commerce companies like Lazada, Zalora and others.