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.
The company new funding round follows with a $54 Million fundraising last year, which takes the total capital raised by the company to $308 Million.
The company as of now has a plans to use the funds to invest in technology and infrastructure to further digitize and integrate the beauty and fashion supply chain.
Ziling whose main market for the consumer business in Indonesia is now looking to expand in Australia by the end of 2019.
The company which started as a fashion marketplace, has now been rapidly growing its business to business tools and platform which also provide the value-added services to its merchants as well as a market to help them source in a much more efficient and effective way from manufacturers.
“We are pretty close to profitability and have a clear path to it,” Ankiti Bose, the company’s co-founder, and CEO, told Reuters. Bose founded the company in 2015 with Dhruv Kapoor, its chief technology officer.
“Instead what we are trying to do is trying to lower the cost of procurement for these merchants and add services on that layer there, which is basically before it even gets to the merchant and they try to sell it online,” she added.
Picture Credits: Zilingo
Source: Techstory
