Zilingo has become the most successful new-economy venture in the region by Indian entrepreneurs, mopping up $226 million in the latest round from venture capital firm Sequoia Capital, Singapore's sovereign wealth fund Temasek and Germany's Burda Principal Investments (announced on Tuesday).
In a press statement, Zilingo said that revenue grew four times in the last 12 months.
"Zilingo's comprehensive platform allows consumers to have greater access to a diversity of fashion merchants, fostering cross-border partnerships between micro merchants and manufacturers, and providing them with value-added services including working capital financing".
Zilingo, founded by Ankiti Bose and Dhruv Kapoor, started as a fashion and lifestyle marketplace in 2015 to help small merchants build scale.
"EDBI is delighted to support Zilingo as they empower the B2B fashion industry through Singapore, bringing their multiple e-commerce solutions to meet the demands of Asia's fast growing market of digital consumers", said EDBI chief executive officer and president Chu Swee Yeok. A study by Google and Temasek has forecast that e-commerce in Southeast Asia will exceed $100 billion in gross merchandise value by 2025 from over $23 billion in 2018.
He has been a technology writer since more than five years.
Clothing items hang on racks next to a mannequin at the Zilingo Pte office in Singapore. She came up with the idea of setting up a startup after a visit to Bangkok's popular Chatuchak market, which features more than 15,000 booths selling goods from across Thailand. She realized the sellers didn't have sufficient opportunities to expand. She graduated from St. Xavier's College in Mumbai with an economics and mathematics degree, before taking up a job with a consultancy McKinsey & Co in India.
She took the calculated plunge to set up Zilingo, she says, after gaining expertise evaluating major startups in Southeast Asia at Sequoia India's venture capital business. Ankiti stated that being empathetic and sensitive when dealing with people has helped her in a huge way.
"I kept raising my hand and said, 'Teach me everything, '" Bose said of her pre-startup years. "'I busted my ass, working 18 hours a day because it was so much fun".
This story has been published from a wire agency feed without modifications to the text.