Thailand based but Indian owned online fashion retailer Zilingo said it has raised $8 million in a new funding round from Sequoia India, Susquehanna International Group and Venturra Capital. Zilingo will use the new capital to enter new markets like Indonesia and increase its Singapore and Thailand presence by getting on board more sellers.
“Zilingo operates a technology centre in Bangalore and uses tools like artificial intelligence and augmented reality to keep its customers engaged,” media reports said.
The South Asian fashion and beauty market, which is the focus market for the online retailer, is over $20 billion and is growing at a blistering pace, with more and more consumers going online to make purchases.
Zilingo charges 10-20 per cent commission from its sellers, while its competitors charge none and also stopped doing business in verticals where there was no margin. (AR)
Fibre2Fashion News Desk – India