Mobile marketplace for clothing and lifestyle products Zilingo has unveiled plans to expand its business to Cambodia, among other Asian markets, after raising $226 million in a series D funding round the firm announced.
Series D funding refers to the number of rounds of funding the company has gone through and the maturity stage it is at. A company that continues with Series D funding is in search of a final push before an initial public offering.
The new funding brings the total funds raised by the company to $308 million. With its headquarters in Singapore, Zilingo allows smaller merchants from Southeast Asia without an online presence to list their items on its website for sale directly to consumers.
The company said it plans to invest capital for long-term value building across the supply chain, building new and deeper relationships with manufacturing partners in Cambodia, Vietnam, Sri Lanka, and China, and expanding into new markets like the Philippines, Indonesia, Australia and the US this year.
The firm recently applied to the Bangladeshi government for its expansion into the country and is awaiting approval.
“What we see is a huge market with the immense potential to enter the global front further. The prevailing ready-made garments sector in Bangladesh already has a notable footprint globally and we believe we can complement its further growth,” Bangladesh’s Daily Star quoted co-founder and CEO Ankiti Bose as saying.
“What we see is a huge market with the immense potential to enter the global front further. The prevailing ready-made garments sector in Bangladesh already has a notable footprint globally and we believe that we can complement further growth.
“We are interested to even work with the smallest manufacturers. Any manufacturer which can produce 2,000 units per item can be our potential partner. This, we believe, can be a win-win situation for everybody,” she was quoted as saying.