Southeast Asian fashion marketplace Zilingo has raised $54Mn in Series C funding round to grow further and expand internationally to new markets such as Malaysia and Philippines. This takes total funding raised by the startup to date to $82 Mn.
The Series C funding round was led by Sofina, Burda Principal Investments and Sequoia Capital India. Amadeus Capital too joins as a new investor.
All existing investors participated in the Series C funding round including American billionaire Tim Draper, SIG, Venturra Capital, Beenext, Manik Arora along with others. This round comes close on the heels of Zilingo’s $17 Mn Series B raised six months ago.
As shared by Shailendra Singh, Managing Director, Sequoia (India) Singapore, the Series C funding round got finalised weeks after the last one and believes that it is a ringing endorsement of how much potential the investor group sees in the company. He also averred that Zilingo investment is special for Sequoia because their association started with a seed investment even before the Zilingo service was first launched.
“Ankiti and Dhruv have totally impressed us with the quality of team they have assembled, their innovative e-commerce strategy and playbook and their speed and quality of execution, all of which resulted in more than 10x revenue growth in the last one year,” he added.
From Series B To Series C Funding: $71 Mn Added To Warchest In 6 Months. Is Zilingo Burning Cash Too?
The major Indian ecommerce players like Flipkart, Amazon India, Paytm Mall, and others have been seen burning huge sums on customer acquisition and maintaining operations workflow. This has further resulted in high Gross Merchandising Value (GMV), but have left these players gaping for more funding on account of piling losses.
So is Zilingo burning cash too? The question was obvious considering that earlier the startup raised $10 Mn in two tranches of $2 Mn and $8 Mn, that too, in the gap of two years. Now, $71 Mn is added to Zilingo’s warchest within six months.