Singapore-based online marketplace Zilingo raises $23m in funding

Singapore-based online marketplace Zilingo has raised US$17 million (S$23 million) in a funding round led by Sequoia Capital India and Burda Principal Investments.

Mr Tim Draper, the founder of venture capital firm DFJ, also joined the round along with the family office of Mr Manik Arora, who was the founder of IDG Ventures India.

Zilingo said it intends to use the funds to strengthen its position in Indonesia - which it launched four months ago - and expand its supply bases.

The company aims to help small fashion, beauty and lifestyle businesses in the region increase their global reach through e-commerce.

Zilingo said its revenue has grown tenfold and it has added over 5,000 merchants across its platform that sell clothes, jewellery and beauty products, in the last 12 months.

Singapore accounts for 20 per cent of its monthly sales.

Zilingo ships to eight countries and has seller hubs in Thailand, Indonesia, Hong Kong, South Korea, Vietnam and Cambodia.

"Our focus on building an extensive seller ecosystem, catering to fashion sellers across Asia, makes us a favourite with thousands of private labels and merchants, who really are our growth engine", said chief executive Ankiti Bose.

Ms Bose, who was inspired by Bangkok's many small, independent retailers, started the company in 2015 with co-founder Dhruv Kapoor. It raised US$8 million last year and US$2 million in 2015.

Zilingo has raised total funding of US$27 million.