German group Hubert Burda Media recently invested in Zilingo, a leading fashion-focused marketplace platform in Southeast Asia. Burda’s growth capital arm BurdaPrincipal Investments led the $17-million funding round along with Sequoia Capital India and other existing investors. This round will be used to strengthen the company’s position in Indonesia.
Singapore-based Zilingo was founded in April 2015 by CEO Ankiti Bose and chief technology officer (CTO) Dhruv Kapoor to aggregate the unorganised fashion supply in the Southeast Asian markets. It first launched in Thailand and now ships to eight countries. Indonesia is its newest market, where it wants to expand its supply base, Hubert Burda Media announced on its website recently.
Burda’s vast network and experience supporting fast growing digital companies will be a tremendous asset as Zilingo expands its global business, said Bose.
BurdaPrincipal Investments has invested globally in fashion and marketplace platforms and provides long term growth equity for fast growing digital technology and media companies.
“Zilingo is a perfect fit into Burda’s investment portfolio with our history in fashion and ecommerce.... We are very excited to join them in building the leading fashion marketplace in the region,” according to BurdaPrincipal Investments principal Albert Shyy.
Zilingo offers services to merchants allowing them to grow their business digitally, including packaging, video production, and working capital loans. (DS)
Fibre2Fashion News Desk – India