Zilingo raises fresh funding
Online marketplace Zilingo has raised US$226 million in its recent Series D funding.
The fresh capital round brings the total amount raised by the company to $308 million. Having secured its latest investments, the company is now looking to China as well as other key Asian markets as part of its growth strategy to expand its B2B business.
Key investors from this latest round included Sequoia Capital, Temasek Holdings, Burda Principal Investments, Sofina, Singapore investment fund EDBI as well as existing investors.
“Sequoia’s investment in Zilingo dates back to when the company wasn’t even yet incorporated and the name wasn’t finalised,” said Sequoia Capital (India) Singapore’s MD Shailendra Singh.
“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. We are amazed by the team’s ability to envision and execute against such an ambitious roadmap and are excited to continue to support them on their journey.”
The company says it plans to invest the capital in long-term value building across the supply chain, building new and deeper relationships with manufacturing partners in Vietnam, Cambodia, Sri Lanka and China, and expanding into new markets such as the Philippines, Indonesia, Australia and the US this year.”