Fashion platform Zilingo acquires Sri Lankan SaaS startup nCinga for $15.5M
Zilingo will also help to expand the reach of nCinga’s software to core style production markets such as Bangladesh, India, Vietnam, Indonesia, Thailand and Turkey. In a declaration, nCinga chief executive Imal Kalutotage said the startup “wishes to do great things together.”
Singapore’s fashion start-up Zilingo has actually gotten Sri Lanka’s SaaS startup nCinga in a $15.5 cash and stock deal, the 2 stated today.
nCinga, founded in 2013, uses an IoT platform to enable real-time production monitoring on factory floors and data analytics tools. Its acquisition is one of Sri Lanka’s largest tech exits in recent times, the two said.
Merchants continue to battle with conference customer need for quick, properly produced products due to ineffectiveness and info asymmetry, said Zilingo, which is actions far from becoming the current Southeast Asian unicorn. The acquisition will enable it to assist customers in the United States, Europe and Australia, where brand names typically do not have openness over supply chain and production processes, it stated.
It’s unclear just how much capital nCinga had raised prior to today’s statement. According to Crunchbase, nCinga’s last funding was its seed round 5 years back.
< a class="crunchbase-link"href="https://crunchbase.com/person/ankiti-bose"target="_ blank"data-type="individual"data-entity= “ankiti-bose”> Ankiti Bose, co-founder and chief executive of Zilingo, said, nCinga’s product has helped the start-up “drastically enhance” efficiency and drive insights by digitizing the shop flooring. “Their work has actually been essential to our mission of creating a transparent, sustainable, financially viable and socially accountable apparel supply chain,” she said.
Zilingo, which has actually developed numerous pieces of supply chain– production, logistics, payments, etc for merchants and brand names, said it will deploy the Sri Lankan startup’s Manufacturing Execution System (MES) software throughout its network of 6,000 factories and 75,000 businesses.
Zilingo “has long” been a client of nCinga, she stated.
The statement today comes weeks after Zilingo said it planned to invest $100 million to broaden its supply chain in the U.S.