Hyper-Growth for the USD 1 billion start-up ‘Zilingo’- the fashion e-commerce portal
Southeast Asia-focused fashion e-commerce platform Zilingo, co-founded by Singapore based, 27 year old Ankiti Bose, CEO, (hailing from Mumbai), is in news for being valued at USD 970 million. With recent funding of USD 226 million, from Temasek Sequoia Capital and Germany’s Burda Principal Investments, Zilingo has gathered USD 306 million through funding.
Zilingo is based in Singapore and its technology driven operations are being run by the co-founder Dhruv Kapoor, Chief Technology Officer based out of Bangalore, a graduate from IIT Guwahati. Contrasting to the Indian market with e-commerce portals like Amazon India, Voonik, Limeroad Flipkart and Amazon India, the South Asian market had no fashion portal, which prompted Ankiti to start Zilingo by joining hands with Dhruv and launched the site in 2015.
A graduate in economics and mathematics from St Xavier’s College, Ankiti decided to scale-up small garment vendors/traders and compete with global fashion brands. Both the founders realized that these small vendors had very limited access to technology, capital and economies of scale. Consequently they expanded, developing software and other tools to allow vendors to access factories from Bangladesh to Vietnam and also help with cross-border shipping and inventory management. Listings are provided for free and the company charges commission between 10 to 20 percent on orders.
While 2018, Zilingo has also worked with financial technology firms to provide working capital to small sellers so they can buy raw materials to produce goods.
Since setting up its first presence in Thailand and Cambodia in 2015, the company has grown to have offices in eight countries with 400 employees. It operates fashion e-commerce sites in Indonesia, Thailand and the Philippines and is preparing to launch in Australia soon.
Zilingo posted revenue of USD 1.3 million in the year ended on March 31, 2017. According to the company’s most recent filing with Singapore regulators, revenue grew 12 times in the year ended March 2018 and fourfold in the April to January period.eCommerce India News Region