Fashion platform Zilingo acquires Lankan software firm nCinga for $15.5m

Zilingo production software.

Singapore-based fashion platform Zilingo has acquired Sri Lanka-based software-as-a-service (SaaS) firm nCinga Innovations for $15.5 million in cash and stock, marking one of the largest tech exits in Sri Lanka in recent times.

nCinga, which is backed by Sri Lanka and Singapore-based venture capital firm BOV Capital, uses IoT technologies, real-time event capturing and processing, predictive analytics, and mobility devices for a ‘smart factory’ transformation.

The company said its platform – nFactory – allows organisational data to be collected, integrated, connected, searched, visualised, and analysed in real-time. The platform has already been deployed across factories in Sri Lanka, Bangladesh, India, Indonesia, Thailand, Singapore and Vietnam.

“What excited us about the nCinga product was their ability to dramatically improve efficiency and drive insights by digitising the shop floor,” said Ankiti Bose, co-founder and CEO of Zilingo.

In a statement, Zilingo said the acquisition will drive the adoption of the Manufacturing Executive System (MES) software across its global network of 6,000 factories and 75,000 businesses. The MES software automates operations on the factory floor by enabling access to real-time data on the go.

Zilingo plans to leverage its global manufacturer network to increase distribution of the software – specifically for core fashion manufacturing markets such as Bangladesh, India, Vietnam, Indonesia, Thailand and Turkey among others.

It added that the acquisition will bring more features to the company’s customers in the United States, Europe and Australia, where brands traditionally lack transparency over the supply chain and manufacturing processes.

In October, the company announced plans to invest $100 million to expand into the US as part of an accelerated growth strategy into new markets, including Australia, Europe, and the Middle East.

Founded in 2015, Zilingo last raised $226 million in a Series D round in April, joined by existing investors Sequoia Capital, Burda Principal Investments and Sofina, as well as new investors Temasek Holdings and EDBI. The company was believed to be valued at close to $1 billion at the time.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.