Asian fashion e-tailer Zilingo raises $54 million
After raising $8 million in 2016 and another $18 million in September 2017, the South-East Asian fashion and lifestyle e-tailer completed another financing round worth $54 million, backed by new and existing investors.
In addition to Sequoia India and Burda, already two of the e-tailer's backers, the financing round was led by the Sofina investment fund, which is also an investor in Indian fashion e-tailer Myntra, owned by Flipkart. Other investors in Zilingo now include Tim Draper, SIG, Venturra, Beenext, Manik Arora and Amadeus Capital. The amount of funding raised shows the interest that Zilingo has managed to generate after just two and a half years in business, holding its own against competitors such as e-marketplace Tokopedia and Lazada, the local version of Zalando.
Zilingo currently has about one hundred employees. It claims a monthly growth rate of 85%, and stated it topped the 5,000-vendor mark, with one million active subscribers, last year.
Zilingo was founded by a former Sequoia analyst, Ankiti Bose, and ex-Yahoo engineer Dhruv Kapoor. It is chiefly active in Singapore, Indonesia and Thailand, but also operates hubs in Vietnam, Cambodia, South Korea and Hong Kong, eventually aiming to reach across the entire South-East Asian region.
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