Singapore-headquartered startup Zilingo today announced that it has secured US$54 million in Series C round of funding within just three years of launching its online marketplace that connects online sellers/retailers in Southeast Asia with fashion lovers across Asia.
All of Zilingo’s earlier investors, including American billionaire Tim Draper, SIG, Venturra, Beenext, and Manik Arora, returned to co-invest in this financing round.
With this, Zilingo’s total funding raised to date has touched US$82 million.
“The fresh infusion of capital will be used to focus deeply and boost the Indonesia business, foray into other Southeast Asian markets and the cross-border businesses. The plan is also to further expand the supply base across Cambodia, Bangladesh, in addition to ASEAN markets,” Zilingo Co-founder and CEO Ankiti Bose told e27.
The latest infusion investment comes less than seven months after the e-commerce firm bagged US$17 million in Series B funding, led by Burda Principal Investments and Sequoia Capital India. In the past, Zilingo has raised two round of funding — US$8 million in late 2016 and US$2 million in November 2015.
Established in October 2015 by Ankiti Bose (CEO) and Dhruv Kapoor (CTO), Zilingo lets merchants upload and manage their inventory in any language using any currency. Sellers get facilities such as free shipping, free packaging, doorstep pickup and free and secure payment options.
In addition, it also helps sellers maximise their reach through various tools and strategies. This is important because Zilingo’s marketplace focusses on the long tail of merchants, also known as merchants who deal with niche products.
The startup launched its B2C platforms and apps in November 2015 across ASEAN to let fashion buyers buy from thousands of these merchants, who used the Zilingo Seller Platform at their offline/online store. Its B2B business, called AsiaMall, allows merchants around the world to buy wholesale from Asian suppliers.
Zilingo has currently listed over two million products across various categories, such as fashion, beauty and lifestyle. All kinds of fashion products (branded, non-branded, cheap and also from street vendors), including designer wear, indie labels, hijab, skirts, and pastels are available.
Today, Zilingo sells in Indonesia, Thailand and Singapore, ships internationally to four more countries, and has supply bases in Singapore, Thailand, Indonesia, China, Bangladesh, Vietnam and Cambodia.
The startup claims to have over 10,000 independent merchants currently using the platform.
“It has been an incredible few months for Zilingo. We have grown 11x in terms of revenue, launched a huge and successful TV campaign in Indonesia, which has resulted in a big spike in our Indonesia growth in terms of buyers, orders and sales. We have also expanded the merchant ecosystem to include a tremendous artillery of services, making Zilingo a one-of-a-kind product over 10,000 merchants across Asia,” Bose added.
Shailendra Singh, Managing Director, Sequoia (India) Singapore, said: “The Zilingo investment is special for Sequoia because our association started with a seed investment even before the Zilingo service was first launched. Ankiti and Dhruv have totally impressed us with the quality of team they have assembled, their innovative e-commerce strategy and playbook and their speed and quality of execution, all of which resulted in more than 10x revenue growth in the last one year. This new round was finalised weeks after the last one and is a ringing endorsement of how much potential the investor group sees in the company.”
Albert Shyy, Principal at Burda, said: “Zilingo is creating a complete ecosystem for merchants to grow their online fashion business in Southeast Asia and beyond: we believe there is an untapped opportunity across the entire Asian fashion value chain & continue to be very impressed with the company’s trajectory.”