Singapore online fashion market Zilingo has achieved capital investment of $226 million in a Series D funding round. The investments were made by the firm’s existing backers, including Sequoia Capital, as well as newcomers Temasek Holdings and EDBI, and will support the business’s expansion into fresh markets in the Philippines, Indonesia and Australia, as well as build new infrastructure and modernise its supply chains.
A report in DealStreetAsia last January suggested that Zilingo was considering listing an IPO with a view to developing offline retail.
“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.
“Ankiti and team have rapidly transformed their original ideas about Zilingo into a platform company that serves fashion consumers, merchants, retailers, brands and manufacturers, collectively representing a multi-hundred billion dollar market size.”
Zilingo serves more than 20,000 merchants and retailers across Southeast Asia. It is currently valued at an estimated $1 billion.