Zilingo, a manner know-how startup backed by Singaporean state-owned investor Temasek Holdings, is in search of to elevate between $150 and $200 million at a valuation of additional than $1 billion, in accordance to persons with information of the subject.
The latest funding round, which was originally documented by Bloomberg News and subsequently confirmed by Forbes, is claimed to be ongoing, so the monetary aspects still have yet to be finalized. Zilingo is performing closely with Goldman Sachs and has achieved out to picked buyers to gauge their level of curiosity.
The Singapore-centered platform for vogue retailers was cofounded in 2015 by CEO Ankiti Bose alongside Dhruv Kapoor, Zilingo’s main know-how and main product or service officer. The firm developed in excess of the yrs from a platform for organizations to offer goods to individuals in Southeast Asia to a B2B market that connects wholesale buyers with sellers all around the entire world.
The pair were being featured in the Forbes 30 Under 30 Asia checklist in 2019 on the heels of their achievement in a prior funding spherical that elevated $226 million from the likes of Sequoia Cash, Temasek, and Burda Principal, putting the company’s valuation at $970 million.
In June 2019, Zilingo introduced operations in the United States with places of work in New York and Los Angeles, followed by an financial investment of $100 million across the U.S. to “digitally rework the manner provide chain,” according to a corporation press release.
“The fashion sector is exploitative, wasteful and, frankly, totally broken,” stated Bose when unveiling the adjust. “We are a know-how organization at coronary heart, and firmly believe that in the ability of technological innovation to strengthen organization and the globe.”
“Zilingo concentrations the playing discipline in vogue so that businesses—no issue how huge or small—can have access to a truthful, clear, reasonably priced, rapidly provide chain,” she added.
Zilingo states its platform hosts additional than 50,000 firms and achieves additional than $1 billion in income volume per year. In 2021, Bose told Bloomberg Television that the startup was thinking about an IPO to raise money, while the business wasn’t ready to give a timeframe for when the listing may well just take place.
If profitable, Zilingo’s most recent fundraising round would location it amongst a distinguished group of Singaporean startups that received unicorn standing more than the earlier 12 months. They include things like AI human means business Darwinbox, which raised $72 million in Sequence D financing in January, and on the internet automotive market Carro, which raised a $360 million funding round led by SoftBank final June.