Retail News CRM

Tag: Sequoia Capital

  • E-commerce firm Zilingo bags US$226m in funding

    E-commerce firm Zilingo bags US$226m in funding

    Singapore online fashion market Zilingo has achieved capital investment of $226 million in a Series D funding round. The investments were made by the firm’s existing backers, including Sequoia Capital, as well as newcomers Temasek Holdings and EDBI, and will support the business’s expansion into fresh markets in the Philippines, Indonesia and Australia, as well as build new infrastructure and modernise its supply chains.

    A report in DealStreetAsia last January suggested that Zilingo was considering listing an IPO with a view to developing offline retail.

    “Sequoia’s investment in Zilingo dates back to when the company wasn’t even yet incorporated and the name wasn’t finalised,” said Sequoia Capital (India) Singapore MD Shailendra Singh.

    “Ankiti and team have rapidly transformed their original ideas about Zilingo into a platform company that serves fashion consumers, merchants, retailers, brands and manufacturers, collectively representing a multi-hundred billion dollar market size.”

    Zilingo serves more than 20,000 merchants and retailers across Southeast Asia. It is currently valued at an estimated $1 billion.

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  • Chinese’s Pinduoduo seeks US$1 billion

    Chinese’s Pinduoduo seeks US$1 billion

    Chinese e-commerce startup Pinduoduo is seeking US$1 billion in a US IPO, going head to head with industry giants such as Alibaba.

    The company’s business model, in which users recruit friends via social media to enjoy group-discount offers direct from manufacturers, has seen its transaction volumes reach 141.2 billion yuan (US$21.3 billion) in 2017, tripling the company’s revenue. It was founded by ex-Google engineer Colin Huang and is backed by Tencent and Sequoia Capital, among others.

    Pinduoduo raised more than US$1 billion in its last fundraising round in April, against a valuation of around US$15 billion. Its sales have been strongly supported by its large user base in lower-tier Chinese cities. The site’s daily active users reached 55.9 million last month, more than 20 million more than the popular JD e-commerce platform.

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  • Chinese c-store chain Bianli24 to get US$10 million funding

    Chinese c-store chain Bianli24 to get US$10 million funding

    A 24-hour Chinese convenience-store chain has closed a US$10 million series pre-A funding round led by Sequoia Capital China.

    The chain, Bianli24, is a 2017 startup known for its self-service vending machines which shop owners can use to automate sales of popular items and conduct after-hours trading. It plans to use the new funding to expand into third & fourth-tier cities within China, beyond the 13 cities it currently operates in.

    The company is distinguished from its competitors in that it operates the machines independently rather than franchise them out. The company says sales from its vending machines tend to make up 15 to 20 per cent of a store’s takings.

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