Ankiti Bose and Dhruv Kapoor are the co-founders of Zilingo, a fashion e-commerce startup that has become one of Southeast Asia’s fastest-growing companies. Their story is one of ambition, innovation, and resilience, showcasing how two young entrepreneurs from India built a digital platform that empowers small businesses and retailers across Asia by providing them with technology, financial services, and access to a global market.
The Genesis of Zilingo: How It All Began
Zilingo was born out of a simple observation by Ankiti Bose during a trip to Thailand in 2014. At the time, Bose was working as an analyst for Sequoia Capital in Bangalore, a leading venture capital firm. She visited the vibrant street markets of Bangkok, such as Chatuchak, where thousands of small, independent sellers offered a wide range of fashion items. Despite the quality and uniqueness of their products, these sellers lacked access to technology and were constrained to selling locally without an online presence.
Bose saw an opportunity to bridge the gap between these sellers and a broader, online customer base. She realized that if these vendors could reach customers outside their local markets, they could significantly expand their businesses. Inspired by this idea, Bose began envisioning an online platform that could connect small fashion businesses across Southeast Asia to the global marketplace, helping them grow by providing essential digital tools, logistics, and financial services.
She shared her vision with Dhruv Kapoor, a former software engineer at Yahoo and a fellow tech enthusiast. Kapoor immediately saw the potential of the idea and agreed to join her as a co-founder. Together, they started laying the groundwork for Zilingo, with Bose focusing on the business model and market strategy and Kapoor leading the technological development.
Building the Startup: Challenges and Triumphs
In 2015, at the age of 23, Bose and Kapoor left their respective jobs and officially launched Zilingo. With a seed capital of $30,000 each from their personal savings, they began their entrepreneurial journey, working out of a small office in Singapore. The platform started as a business-to-consumer (B2C) marketplace, allowing small merchants from Southeast Asia to sell their products online.
Initially, Bose and Kapoor faced several challenges. As a new startup, they had to navigate a highly competitive e-commerce landscape, competing against giants like Lazada and Shopee. Additionally, gaining the trust of small merchants who were hesitant to embrace digital platforms was a significant hurdle. Many of these sellers were accustomed to traditional ways of doing business and were wary of investing time and resources into an online platform they were not familiar with.
To overcome these challenges, Bose and Kapoor focused on building strong relationships with local sellers, demonstrating how Zilingo could help them reach more customers and streamline their operations. They invested in developing easy-to-use technology solutions tailored to the needs of small businesses, such as inventory management tools, payment solutions, and marketing services.
Their persistence paid off. As more merchants joined the platform, Zilingo began to grow rapidly. The company expanded its operations beyond Thailand to other Southeast Asian markets, including Indonesia, Singapore, and the Philippines. In a relatively short time, Zilingo evolved from a small startup into a significant player in the region’s e-commerce space.
Zilingo’s Unique Value Proposition
What sets Zilingo apart from other fashion e-commerce platforms is its focus on small and medium-sized enterprises (SMEs). Unlike larger e-commerce giants that primarily cater to established brands and retailers, Zilingo provides a unique value proposition by empowering small businesses with the tools and resources they need to compete in the digital age.
The company offers a comprehensive suite of services that go beyond just a marketplace. Zilingo’s platform provides sellers with a range of digital solutions, including:
- Logistics and Supply Chain Support: Zilingo offers end-to-end logistics support, helping merchants manage inventory, warehousing, and shipping. This makes it easier for small businesses to handle cross-border trade without worrying about complex logistics.
- Financial Services: The platform provides access to financial products such as working capital loans and trade financing, which are often challenging for small businesses to obtain through traditional banking channels. By leveraging its data on sellers’ transactions and performance, Zilingo can offer customized financial solutions that are more accessible and affordable.
- Technology and Marketing Tools: Zilingo equips sellers with user-friendly tools for inventory management, customer analytics, and digital marketing. This enables them to optimize their product offerings, reach more customers, and enhance their online presence.
- Sourcing and Manufacturing Services: To further support small businesses, Zilingo introduced Zilingo Asia Mall, a wholesale marketplace that connects manufacturers directly with merchants. This helps reduce costs and ensures a more transparent supply chain.
These services empower small businesses to grow and compete in a global marketplace. By focusing on SMEs, Zilingo fills a critical gap in the market, offering a level playing field for smaller players often overshadowed by larger competitors.
Rapid Growth and Global Expansion
Zilingo’s growth trajectory has been impressive. Within a few years of its launch, the company expanded its footprint across Southeast Asia, establishing a presence in countries like Thailand, Indonesia, Singapore, and the Philippines. The company also set up offices in major cities like New York, Tokyo, and Bangalore to tap into new markets and build strategic partnerships.
In 2019, Zilingo achieved a significant milestone by raising $226 million in a Series D funding round led by Sequoia Capital, Singapore’s sovereign wealth fund Temasek, and other prominent investors. This funding round brought Zilingo’s total valuation to nearly $1 billion, making it one of Southeast Asia’s most valuable startups. The funding allowed the company to scale its operations, invest in technology, and continue expanding its services to new markets.
Under Bose and Kapoor’s leadership, Zilingo continued to innovate and diversify its offerings. The company launched Zilingo Trade, a business-to-business (B2B) platform that connects wholesalers, brands, and distributors directly with manufacturers. This move not only helped small businesses access more affordable manufacturing options but also streamlined the supply chain, reducing costs and increasing efficiency.
The company also ventured into new categories beyond fashion, including beauty, lifestyle products, and home goods. This diversification strategy allowed Zilingo to tap into new revenue streams and broaden its customer base.
Leadership Style and Vision
Ankiti Bose and Dhruv Kapoor have been widely recognized for their leadership style and vision. Bose, as the CEO, is known for her dynamic and forward-thinking approach. She has been an advocate for women in business and technology, frequently speaking at conferences and events to promote diversity and inclusion in the tech industry. As one of the youngest female founders of a billion-dollar startup, she has become a role model for aspiring entrepreneurs worldwide.
Kapoor, as the company’s Chief Technology Officer (CTO), has been the driving force behind Zilingo’s technological innovation. With his background in software engineering and deep expertise in building scalable platforms, Kapoor has focused on developing cutting-edge solutions that cater to the unique needs of small businesses. He has emphasized the importance of leveraging data and machine learning to create personalized experiences for customers and sellers alike.
Together, Bose and Kapoor have cultivated a company culture that values innovation, collaboration, and inclusivity. They have built a diverse team of professionals from various backgrounds and nationalities, creating a vibrant workplace that fosters creativity and encourages employees to think outside the box.
Navigating Challenges and Controversies
While Zilingo’s growth story has been impressive, it has not been without its challenges and controversies. In early 2022, the company faced a significant crisis when Bose was placed on leave pending an investigation into the company’s financial practices. The board cited discrepancies in financial reporting and governance issues, sparking speculation and media attention.
The controversy raised questions about Zilingo’s internal controls and corporate governance, leading to increased scrutiny from investors and regulators. Bose defended herself against the allegations, stating that she was unfairly targeted and that the investigation was part of an internal power struggle. Despite the challenges, she remained committed to the company’s mission and vision.
Amidst the controversy, Zilingo’s board took steps to strengthen its governance practices, including appointing new independent directors and enhancing its financial reporting processes. The company also announced plans to streamline its operations and focus on its core business areas to achieve sustainable growth.
Despite these setbacks, Bose and Kapoor have remained optimistic about Zilingo‘s future. They have continued to innovate, exploring new opportunities and partnerships to drive the company forward. The experience has underscored the importance of transparency, accountability, and strong governance in building a successful startup.
The Impact of Zilingo: Empowering Small Businesses and Women Entrepreneurs
One of Zilingo’s most significant contributions has been its impact on small businesses and women entrepreneurs across Asia. By providing access to digital tools, financial services, and global markets, Zilingo has helped thousands of small merchants expand their businesses and improve their livelihoods.
The platform has also played a crucial role in promoting gender equality in the business world. Bose, as a female founder and CEO, has been a vocal advocate for women’s empowerment. She has emphasized the importance of supporting women entrepreneurs and creating an inclusive environment where women can thrive. Zilingo has launched initiatives to provide training, mentorship, and financial support to women-led businesses, helping them grow and succeed in the digital economy.
Looking Ahead: The Future of Zilingo
As Zilingo navigates its path forward, Bose and Kapoor are focused on continuing to build a platform that supports small businesses and drives economic growth across Asia. The company aims to expand its reach further into new markets, leveraging its unique value proposition to attract more merchants and customers.
Zilingo is also exploring opportunities to enhance its technological capabilities, investing in artificial intelligence, machine learning, and data analytics to create more personalized and efficient experiences for users. By integrating advanced technology with its core offerings, Zilingo aims to stay ahead of the competition and maintain its position as a leader in the fashion e-commerce space.
Moreover, the company is committed to sustainability and ethical practices. Zilingo has introduced initiatives to promote sustainable fashion, such as partnering with eco-friendly manufacturers and encouraging merchants to adopt sustainable practices. The company plans to continue investing in sustainability efforts, aligning with global trends and consumer demand for environmentally responsible products.
Conclusion: A Journey of Innovation and Resilience
Ankiti Bose and Dhruv Kapoor’s journey with Zilingo is a testament to the power of innovation, resilience, and a strong sense of purpose. From a small startup in Singapore to a billion-dollar company empowering small businesses across Asia, Zilingo has redefined the fashion e-commerce landscape.
While the company has faced challenges and controversies, its founders have remained steadfast in their commitment to driving growth and creating value for all stakeholders. As Bose and Kapoor look to the future, they continue to focus on their mission of democratizing access to technology and markets, ensuring that small businesses and entrepreneurs have the tools they need to succeed in an increasingly digital world.
Their story serves as an inspiration to aspiring entrepreneurs everywhere, proving that with vision, determination, and a willingness to take risks, it is possible to build a successful startup that makes a meaningful impact on society.