The venture capital firm Sequoia Capital India and Burda Principal Investments have led a $17 million Series B round in Thailand-based online fashion marketplace Zilingo.
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. Existing investors Venturra Capital, SIG, Beenext and Wavemaker also put in their money in the current round.
This is Zilingo’s third round of funding. The company had raised $8 million last year, and $2 million in 2015. With the latest round, Zilingo has raised $27 million. With the newly raised capital, Zilingo wants to expand its supply base and strengthen its position in Indonesia.
“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,” said Albert Shyy, principal and head of the Singapore office at Burda.
Founded by Indian entrepreneurs Ankiti Bose and Dhruv Kapoor in 2014, Zilingo app allows users to upload pictures of their products and provides them with free shipping, packaging, doorstep pickup, secure payment options, a mobile analytics dashboard, and consultation on pricing strategy. The buyers can also chat with sellers, exchange photos, create wish lists, take notes and track products.
Zilingo currently has a 95-member team with the tech team headquartered in Bengaluru. Further, it plans to hire more based on the company’s growth. The firm currently ships to 8 countries and has seller hubs in Thailand, Indonesia, Hong Kong, Korea, Vietnam and Cambodia.
“In the fashion and lifestyle verticals of e-commerce, there are one or two large players in the market. It means there is space for a large fashion and lifestyle marketplace and we’re focussed on being that company. This round, and support from investors, will help us chase that goal easier and faster,” said Ankiti Bose Co-founder and CEO of Zilingo.
The platform boasts of having 1 million active users, mainly on the mobile web. There are over 5,000 merchants who sell clothes, jewellery and beauty products. The company has witnessed 10 times increase in revenue in the past 12 months.
In the Southeast Asian market, Zilingo competing with the likes of Lazada and others.