Many foreign businesses are hoping to enter Thailand’s market but BOI company registration is required before they are able to do so. This is also one reason why some businesses opt to operate online because they can penetrate any market without too much trouble. This is the case with Zilingo, an online fashion service that is currently making waves in Southeast Asia. The startup brand did not have any trouble raising funds.
September of last year, they were able to raise $18 million during the Series B and for Series C it was able to gather $82 million. These are all funds coming from investors.
For the latest round, the leading company investor is Sofina which is also investing in Myntra, a fashion site owned by Flipkart. The other investors are the same ones that funded the Series B – Sequoia India and Burda. There are other investors of Zilingo included in the existing list such as SIG, Amadeus Capital, Venturra, Manik Arora, Tim Draper and Beenext.
The amount of money raised by the startup company is not commonly heard of especially in Southeast Asia region. In fact, Zilingo has hit a record because it was able to do so in less than 2 years and a half time after the launching of their product in themarket.
The region is currently facing a lot of demand in terms of e-commerce solutions but only a number of companies are able to make it to Series B and go beyond that line and still say they were able to succeed. Zilingo, which is headquartered in Singapore, has made a name for itself by just being able to achieve this feat.
The company was first established in Thailand three years ago by Ankiti Bose who is the CEO and Dhruv Kapoor who is the CTO. The main goal of the brand is to bring traditional sellers online as they were fascinated by the variety of items that can be found in local street markets. With the success of Zilingo, many foreign startups are willing to begin their BOI company registration in hopes of making it big as well.