Zilingo in talks with existing investors to raise $80m Series D funding

Ankiti Bose and Dhruv Kapoor of Zilingo.

Singapore-headquartered fashion marketplace Zilingo is in talks with its existing investors to raise around $80 million for its Series D round, an executive with direct knowledge of the development told this portal.

The latest deal could value the three-year-old e-commerce startup at over $500 million, the executive added.

In April, Zilingo had raised a $54-million Series C round largely from its existing investors Sofina, Burda Principal Investments and Sequoia Capital India.  That round was joined by return backers Tim Draper, SIG, Venturra, Beenext and Manik Arora, as well as new investor Amadeus Capital.

The Series C round had taken the total funding raised by the company to about $82 million.

The ongoing Series D fundraising is led by return backers Sofina, Burda Principal Investments and Sequoia Capital India and is expected to be announced in the next few weeks, the executive quoted above added.

When contacted, the company declined to comment. Another executive, aware of the company’s plans denied that a new round of fundraising was on, and said that company had not received any termsheet/s from (existing) investors for its Series D round.

Another executive, linked to an investor in the company, and familiar with the matter, said that with Zilingo exceeding its growth targets, it had set out to raise anywhere between $40 million to $100 million, prior to looking at a larger institutional or private equity-led round next year. This executive further added that if Zilingo were to maintain its current pace of growth, it will be on track to become a unicorn (private firms with valuations of over $1 billion) by next year-end.

Zilingo is an e-commerce platform that serves over 10,000 merchants and retailers across B2B and B2C segments in Southeast Asia. It currently sells in Indonesia, Thailand, Singapore and also ships internationally to four countries. It also has supply bases in Singapore, Thailand, Indonesia, China, Bangladesh, Vietnam and Cambodia.

Since launching its first B2C products in ASEAN in November 2015, the company’s revenues have expanded over 10 times. Zilingo attributed the jump to B2B sales in Indonesia. The company has been doubling down efforts on the market, launching a TV campaign and expanding its merchant ecosystem to include services.

Zilingo’s strength in B2B comes amid stark competition in the B2C segment with players like Lazada deepening their foothold in the region. According to TechCrunch, Zilingo’s core B2C business now accounts for just 40 per cent of its revenue.

Zilingo is also setting its sights beyond Southeast Asia.

In April, the company tested the launch of ZilingoAsiaMall for fashion sellers and labels based in the US and Europe, according to TechCrunch. ZilingoAsiaMall is a destination where smaller retailers and B2B buyers can source items from Southeast Asia-based resellers for prices similar to what top global fashion brands get.

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.

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.