Zilingo, founded by Ankiti Bose and Dhruv Kapoor, started as a fashion and lifestyle marketplace in 2015 to help small merchants build scale. The latest financing valued Zilingo at United States dollars 970 million, said Bloomberg report.
The Singapore-headquartered company's tech is powered from Bengaluru, where its co-founder and IIT-Guwahati alumnus, Dhruv Kapoor, leads a 100-person team.
Zilingo which is a Southeastern Asian fashion startup has now secured $226 Million in the latest funding round from some of the existing investors such as the venture capital firm Sequoia Capital, and Temasek Holdings joining as a new investor.More news: Oil prices edge up on hopes for US-China trade breakthrough
This news is huge considering starting out for women isn't easy. For a brief noting, revenue branched 12 times at the ned of year on March 2018 and fourfold in the April to January phase, according to the company. Among other major startup ecosystems, the U.S. ranked in the top five, while China is in the top 30.
The number of women entrepreneurs are still far less in the start-up world making Ankiti's efforts in achieving this hard feat highly commendable. "Whether it is techies in Bengaluru or the fashion gurus of Singapore or merchants, being empathetic is essential", Bose said.
According to Bloomberg, the idea was hatched in 2014 when Bose was an analyst at Sequoia India. He was working as a software engineer at a gaming studio named Kiwi. Bose, who has also worked at McKinsey in Mumbai, said that while evaluating investments in Southeast Asia, she saw that a higher number of women participate in the workforce, giving them higher disposable incomes.More news: Kunin scores twice, Wild fall to Flyers 5-4
"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".
"Sequoia's investment in Zilingo dates back to when the company wasn't even yet incorporated and the name wasn't finalised", said Sequoia Capital (India) Singapore MD Shailendra Singh. However, the B2B model is lot different from what other platforms have to offer. Of the total $3 trillion in fashion manufacturing done globally, about $1.4 trillion is done from Asia, according to the company, presenting a much bigger opportunity than consumerfacing commerce business.More news: Ultra-processed foods push death risk up by 14 percent, study says