Fashion platform Zilingo acquires nCinga Innovations
Singapore-based fashion platform Zilingo has acquired Sri Lanka-based software services company nCinga Innovations in a cash-and-stock deal worth $15.5 million (Rs 110 crore).
With this acquisition, Zilingo will use nCinga’s technology across its global network of 6,000 factories and 75,000 businesses.
The deal is also expected to give a fillip to Zilingo expansion plans in core fashion manufacturing markets such as Bangladesh, India, Vietnam, Indonesia, Thailand, and Turkey.
“What excited us about the nCinga product was their ability to dramatically improve efficiency and drive insights by digitising the shop floor - we have partnered with them for a long time and their work has been crucial to our mission of creating a transparent, sustainable, economically viable and socially responsible apparel supply chain," Ankiti Bose, co-founder and CEO of Zilingo said, in the statement.
Imal Kalutotage, CEO of nCinga Innovations added: “We at nCinga are very inspired by Zilingo’s vision. Both the teams align on shared values and a global ambition to make the fashion and apparel industry fair, transparent and efficient; we hope to do great things together.”
Founded in 2015 by Indian entrepreneurs, Ankiti Bose and Dhruv Kapoor, as an e-commerce platform to allow merchants to sell to end consumers in Southeast Asia, Zilingo has since expanded and currently enables 75,000 retailers and 6,000 factories across 17 countries.
Copyright © 2022 FashionNetwork.com All rights reserved.