Online fashion startup Zilingo has raised USD17 million in a series B funding round co-led by Sequoia Capital India and Burda Principal Investments. The startup is based in Singapore.
Existing investors Beenext, Susquehanna International Group (SIG), Venturra Capital, and Wavemaker Partners participated in the series B funding round. Two high-profile angels including Draper Fisher Jurvetson founder Tim Draper, and founder of IDG Ventures India Manik Arora also joined in. The round represents Arora’s first investment in Southeast Asia.
Zilingo is a mobile online marketplace for offline vendors of clothes, jewellery and related beauty and lifestyle products. The company aggregates long-tail sellers across Thailand and Singapore and leverage artificial intelligence to provide buyers with shopping experience from their favourite stores and street markets in Bangkok.
The company has set its eyes on expanding in Indonesia. Ankiti Bose, co-founder and CEO of Zilingo, said, “For us, Indonesia has just started exploding – we really think there’s a lot of supply, a lot of merchants in Indonesia that can benefit from our platform. So, the main intention behind raising this round was to consolidate what we’ve done so far, and keep growing.”
The total disclosed funding of Zilingo has come to a whopping USD27 million spearheaded by the series B investment. The company raised USD8 million in its September 2016 series A round which was led by Sequoia India, Hong Kong based SIG and Indonesia’s Venturra. Singapore-based Wavemaker and Beenext, as well as Japan’s Digital Garage, also participated in that fundraise.
Since closing its series A round one year ago, Zilingo has seen its revenue grow tenfold and has added over 5,000 merchants on its platform. Recently it has added new vendors from Cambodia, China, Korea, and Vietnam, and currently ships goods to eight countries throughout Asia-Pacific.
Zilingo hosts over 4,000 SMEs across Indonesia, Singapore, Thailand, China, Hong Kong, Vietnam and Taiwan with a reach of more than a million customers per month.