Singaporean Zilingo Pte, a startup that provides technology to garment factories and retailers, is looking to raise $ 150 million to $ 200 million in its latest round of funding, according to people who are aware of the issue.
The company, backed by government investor Temasek Holdings Pte, works with Goldman Sachs Group Inc. over a potential fundraising deal that could increase its valuation to more than $ 1 billion, said people who asked not to be identified as a private process. According to people, Zilingo has approached some investors to assess the interest.
Discussions are ongoing, and details such as the amount of the fundraiser may change, people said. Goldman Sachs and Zilingo declined to comment.
Zilingo joins a growing number of companies in Southeast Asia that are raising funds for expansion. ShopBack, Singapore’s online shopping reward program, is in talks with potential investors to raise $ 150 million, while Philippine tech company Voyager Innovations Inc. is considering raising $ 150 million to $ 200 million. Bloomberg News reported this week.
Founded in 2015 by CEO Ankiti Boz and Director of Technology and Products Dhru Kapoor, Zilingo has evolved into a business platform for wholesale buyers and sellers in the fashion industry. In early 2019, it was valued at $ 970 million when it attracted $ 226 million from investors including Sequoia Capital India and Temasek. Bose told Bloomberg Television in June that the company was considering going public among the options for raising capital.
Founded as a fashion and beauty market in Southeast Asia, Zilingo is now investing in new operational capabilities to serve its B2B community and create opportunities for growth after Covid.
https://www.businessoffashion.com/news/global-markets/temasek-backed-zilingo-seeking-200-million-in-funding/ Zilling, who supports Temasek, is seeking $ 200 million in funding