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ZILINGO-INVESTMENT
Zilingo plans to enter Bangladesh
DHAKA, April 6, 2019 (BSS) – Asia’s fastest growing digital marketplace Zilingo is looking forward to entering the Bangladesh market after raising $226 million in its recent Series D financing, bringing the total funds raised by the company to $308 million.
This expansion in the Bangladesh market as well as other key Asian markets is a part of its growth strategy to expand its B2B business, said a press release.
Key investors from this latest round of fund raising include Sequoia Capital, Temasek, Burda Principal Investments, Sofina, Singapore investment fund EDBI as well as existing investors.
The company plans to invest the capital for long-term value building across the supply chain, building new and deeper relationships with manufacturing partners in Bangladesh, Cambodia, Sri Lanka, Vietnam and expansion into new markets such, the Philippines, Indonesia and Australia this year.
“We have already applied to the government of Bangladesh and are now waiting for the approval. What we see is a huge market with immense potential to enter the global front further. The prevailing RMG sector in Bangladesh already has a notable footprint globally and we believe that we can compliment further growth”, said Co-founder and CEO, Ankiti Bose.
She also said Zilingo is super keen to enter Bangladesh to source for its B2B business, which connects brands globally to Asian supply.
“We want to form deeper relationships with the manufacturers through an ecosystem of products, including software to improve efficiency. We can also offer them access to trade financing and automation technology. Essentially we are keen to find the right sourcing partners for our in-house private labels.”
Zilingo is a commerce platform that is making the fashion and beauty supply chain more efficient through technology. Founded by Ankiti Bose and Dhruv Kapoor in 2015, the company has offices in 8 cities globally with over 400 staff covering 20 different nationalities.
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