Singapore-based fashion platform Zilingo has big plans for the US.
Founded by Ankiti Bose and Dhruv Kapoor in 2015 with an investment of US$30,000 each, Zilingo has evolved from a fashion marketplace to a B2B platform that aims to empower small businesses across the entire supply chain.
In February this year, Zilingo announced that it had raised US$226 million in a Series D funding round from existing backers such as Sequoia Capital, with the addition of Temasek Holdings as a new investor.
Then, co-founder Ankiti revealed that the new injection of funds will be used to invest in “long-term value building across the supply chain and expansion into new markets”.
With a total funding of US$308 million clinched to date, the company almost achieved unicorn status after being valued at US$970 million.
Zilingo is currently working with 60,000 retailers and 6,000 factories across 17 countries.
Today, Ziligo announced that an investment of US$100 million across the US will be made.
This investment includes hiring sales and product teams.
This summer, Zilingo launched operations in the US with offices in New York and Los Angeles.
“The fashion industry is exploitative, wasteful and, frankly, completely broken, “said Ankiti Bose, co-founder and CEO of Zilingo.
“We’re bringing technology to a supply chain that hasn’t changed since the industrial revolution. Zilingo levels the playing field in fashion so that businesses – no matter how big or small – can have access to a fair, transparent, affordable, fast supply chain.”
Zilingo’s US$100 million investment into the US is part of the company’s accelerated growth strategy in new markets, including Australia, Europe, and the Middle East.