Singapore-headquartered fashion marketplace Zilingo has raised $226 million in a Series D round, it said in a statement on Tuesday.
The round was joined by existing investors Sequoia Capital, Burda Principal Investments and Sofina as well as new investors Temasek Holdings and EDBI. Zilingo is believed to be valued at close to $1 billion, according to people familiar with the development.
The fresh capital will be used to fund the company’s expansion into the Philippines, Indonesia and Australia, as well as to invest into the infrastructure and tech to further integrate and digitise its fashion and beauty supply chain.
At DEALSTREETASIA‘s Indonesia PE-VC Summit 2019 in January, Zilingo co-founder and CEO Ankiti Bose had also said that the startup is likely to venture into offline retail in the next 12 months and that an IPO is a “logical path” for it.
Last 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 latest Series D round has brought the total funds raised by Zilingo to $308 million.
“Sequoia’s investment in Zilingo dates back to when the company wasn’t even yet incorporated and the name wasn’t finalised. Ankiti 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,” said Sequoia Capital (India) Singapore managing director Shailendra Singh.
Ankiti Bose, a former analyst with McKinsey & Co and Sequoia Capital India, founded Zilingo in Bangkok in May 2015, along with Dhruv Kapoor, who is also the startup’s chief technology officer. The startup started off as a seller management platform to give online presence to small, offline merchants.
It now serves over 20,000 merchants and retailers across B2B and B2C segments across Southeast Asia, with more than half of Zilingo’s business coming from its B2B operations. Last April, the startup launched Zilingo Asia Mall (ZAM), an extension of its B2B segment in the US and Europe.
Bose had said the startup might look to establish its own financial services arm to offer services such as loans and payments to its merchants.