An e-commerce platform for fashion and lifestyle products, Zilingo has raised $17 million in the Series-B round led by Sequoia Capital India and Burda Principal Investments. American venture capital investor Tim Draper of Draper Fisher Jurvetson also participated in the round along with the family office of IDG Ventures India founder Manik Arora.
Commenting on the development, Albert Shyy, Principal at Burda:
We have been extremely impressed with Zilingo’s growth and focus on strong unit economics. We believe there is a massive opportunity to build the leading fashion marketplace in the region and are very excited to join their journey.
Adding to that, Shailendra Singh, managing director at Sequoia Capital India, said:
It seems only yesterday that Zilingo started with a seed round from Sequoia India and most of the team based out of the Sequoia incubation space in Bangalore. It is terrific to see how they have progressed towards building the leading fashion and lifestyle e-commerce company in Southeast Asia.
Existing investors Venturra Capital, SIG, Beenext and Wavemaker also participated in the round. With the latest funding, the total capital raised by Zilingo comes to $27 million.
Founded by Indian entrepreneurs Ankiti Bose and Dhruv Kapoor in 2014, the startup tech team is headquartered in Bengaluru and claims to have a 95-member team and plans to hire more based on the company’s growth. The company currently ships to 8 countries and has seller hubs in Thailand, Indonesia, Hong Kong, Korea, Vietna, and Cambodia.
On the development, Bose said:
Our focus with this new round is to fortify our fashion supply from across Asia and meaningfully expand in Indonesia. Zilingo currently does not have plans to cater to the Indian market.
The platform claims to have 1 million active users, mainly on the mobile web and 5,000 merchants on the platform who sell clothes, jewellery and beauty products. The company claims to have seen a 10-time increase in revenue in the past 12 months.
Zilingo had raised $8 million from Sequoia India, Venturra Capital and Susquehanna International Group in 2016. Prior to that, the startup had raised $2 million in 2015 from Sequoia, Beenext and FreeCharge founders Kunal Shah and Sandeep Tandon.
The Southeast Asian market has seen increasing investments in the e-commerce space with Zilingo competing with the likes of Lazada.