E-commerce startup Zilingo raises $226M to digitize Asias fashion supply chain

If youre looking for the next unicorn in Southeast Asia, Zilingo might just be it. The 3.5-year-old e-commerce company announced today that it has raised a Series D round worth $226 million to go after the opportunity to digitize Asias fashion supply chain.
This new round takes Zilingo to $308 million from investors since its 2015 launch. The Series D is provided by existing investorsSequoia India, Singapore sovereign fund Temasek, Germanys Burda andSofina, a European backer of Flipkart -owned fashion site Myntra. Joining the party for the first time is new investor EDBI,the corporate investment arm of Singapores Economic Development Board.
Zilingo isnt commenting on a valuation for the round, but a source with knowledge of the deal told TechCrunch that it is a rounding error away from $1 billion. We had heard in recent months that the startup was getting close to unicorn status, so that is likely to come sooner or later particularly given that Zilingo has made it to Series D so rapidly.
Raising more than $300 million makes Zilingo one of Southeast Asias highest-capitalized startups, but its meteoric growth in the last year has come from expansion from consumer e-commerce into business-to-business services.
CEOAnkiti Bose formerly with Sequoia India and McKinsey and CTO Dhruv Kapoor first built a service that capitalized on Southeast Asias growing internet connectivity to bring small fashion vendors from the street markets of cities like Bangkok and Jakarta into the e-commerce fold. Zilingo still operates its consumer-facing online retail store, but its key move has been to go after b2b opportunities in the supply chain by digitizing its network to give retailers and brands gain access.
Revenue grew by 4X over the past year, with b2b responsible for 75 percent of that total, Bose told TechCrunch. She declined to provide raw figures but did say net income is in the hundreds of millions of U.S dollar. The company which has over 400 staff isnt profitable yet, but CEO Bose said the b2b segment gives it a clear pathway to break-even by helping offset expensive e-commerce battles.
E-commerce startup Zilingo raises $226M to digitize Asias fashion supply chain
Ankiti Bose and Dhruv Kapoor founded Zilingo in 2015.
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