Southeast Asia-based mostly trend market Zilingo has closed an $ 18 million series B funding round led by way of Sequoia Capital India and Burda principal Investments.
Zilingo changed into based less than two years ago via ex Sequoia analyst Ankiti Bose (CEO) and former Yahoo engineer Dhruv Kapoor (CTO). The basic imaginative and prescient is to support Southeast Asia’s thriving impartial style retailers and boutiques retailers expand their groups on-line.
The startup had existed mostly beneath the radar except it raised $ 8 million round 12 months ago. This most recent circular comprises participation from present backers Venturra Capital, SIG, Beenext and Wavemaker, as well as new buyers — two angels — Tim Draper and Manik Arora, ex IDG Ventures India head, by way of his household office fund.
This new funding is being put to work growing Zilingo’s presence in Southeast Asia, and exceptionally Indonesia — the location’s largest economic system. The startup observed it has grown its revenue over 10-fold and delivered 5,000 new merchants all the way through the past twelve months. It at the moment ships to eight nations, with vendor hubs in Thailand, Indonesia, Hong Kong, Korea, Vietnam and Cambodia, with 5 business offices.
“A tremendous part of this round is dedicated to turning out to be in Indonesia,” CEO Bose told TechCrunch in an interview. “There’s no other similar fashion company, so we probably have a window of a few year to make to massive earlier than others observe.”
Zilingo accelerated into Indonesia prior this 12 months after Bose relocated to Jakarta to learn more in regards to the market. Some six months into operating there, she’s impressed with the aid of the alternatives of the country.
“I’ve certainly not viewed a market that’s so able to devour buyer web items,” she mentioned. “we’re seeing eighty five p.c boom each and every month, that’s now not something any one has seen in different Southeast Asia markets. individuals spend somewhat less on every transaction, however the conduct is loopy and they store greater times.”
“We had been in the beginning in reality involved about logistics, as a result of Indonesia is an archipelago, but it hasn’t been that hard. in case your expectations are correctly set, it’s a very good market,” the Zilingo CEO introduced.
Zilingo founders Ankiti Bose and Dhruv Kapoor
apart from aiming to develop its share of the native market, Zilingo is additionally making strikes overseas. It has just opened a B2B community to be able to permit vogue marketers within the U.S. and elements of Europe to purchase objects direct from Zilingo at a aggressive rate for native resale.
“There’s demand for that supply outdoor of Southeast Asia,” Bose pointed out. “If you run a boutique in Europe or america, it’s likely you are buying items from Asia but there are a lot of middlemen.”
For now although, the fundamental focus is Southeast Asia at this point.
Bose added that she’s principally excited to work with Burda, which has emerged as one of the few traditional collection B investors in Southeast Asia after hiring ex-GREE investor Albert Shy to head up the location.
“These guys bring a whole new standpoint on trend and culture,” she referred to in reference to Burda’s investment in Etsy and its global media portfolio, which comprises brands comparable to Elle, Harper’s Bazaar, and InStyle.
“It looks handiest the previous day that Zilingo started with a seed circular from Sequoia India and lots of the crew based mostly out of the Sequoia incubation area in Bangalore. it’s notable to peer how they’ve advanced against constructing the leading trend and lifestyle e-commerce company in Southeast Asia,” observed Shailendra Singh, managing director at Sequoia Capital India — an extra Zilingo backer — in a statement.
Fundings & Exits – TechCrunch