Zilingo: Zilingo's Supply Chain Technology Resurrected with Sourcei8 Launch

The backbone that powered defunct fashion retail sourcing technology company Zilingo is being relaunched under a new venture focused on digitizing the sourcing process. Sourcei8 provides brands and retailers with access to a Southeast Asia supply chain consisting of more than 100 manufacturers in India, Indonesia and Bangladesh , helping promote transparency with an on-the-ground support team of sourcing specialists. Through the centralized platform, users can access design guidance, find suppliers that fulfill specific sustainability requirements, and view factory compliance information. More from Sourcing Journal ESG Outlook: Julie DeLoca of SEDDI on the 'Leap of Faith' to Digital Product Creation Istanbul Fashion Connection Shows Momentum in Turkey Big Focus on Responsible and Quality Sourcing at Source Home & Gift The company's supplier network specializes in athleisure, loungewear, men's shirting, denim, outerwear, children's apparel, sleepwear and bed and bath linens. Through the platform's co-creation functionality, brands and emerging designers can pick trending items from an existing catalogue of patterns and specially developed trend reports, request physical samples, and develop and fulfill product to retail stores. News of the launch comes nine months after Singapore-based Zilingo sold its technology assets, as well as NCinga Innovations , a Sri Lankan SaaS startup it acquired in December 2019, to Swiss e-commerce management solutions firm Buyogo AG. The liquidation deal was reportedly finalized in January. Having amassed a network of global partners that included 75,000 retailers and 6,000 compliant factories and suppliers across 17 countries, Zilingo was once valued at $970 million in February 2019. Acquiring NCinga enabled it to monitor the apparel production process in real time and offer users access to new data analytics tools. The company raised $326 million that year through two fundraising rounds led by Singapore-based investment company Temasek Holdings, Sequoia Capital and other investors. Zilingo next put $100 million toward expanding its network of suppliers, hiring sales and product teams in the U.S., and exploring new markets like Europe, Australia and the Middle East. But after the 2020 Covid crisis, the firm laid off 44 of its 900 global staff, restructuring and refocusing on Asia as orders from the U.S. and Europe dried up. The company raised a $35 million bridge round from existing shareholders in 2021, but revenue fell by about one-third that year to around $40 million, Bloomberg reported. In May 2022, Zilingo ousted founder and CEO Ankiti Bose after a one-month suspension when the company discovered alleged discrepancies during due-diligence corporate accounting for another $150-$200 million funding round, the Economic Times reported. "Following an investigation led by an independent forensics firm that was commissioned to look into complaints of serious financial irregularities, the company has decided to terminate Ankiti Bose's employment," the company said in a statement at the time. Bose said she wasn't given the opportunity to address the allegations before she was terminated. Now, under new ownership, Zilingo's IP has been redeployed to develop Sourcei8. The Zurich-based Buyogo describes itself as a technology investment and venture builder platform that helps entrepreneurs grow and scale innovations. Sourcei8 will specialize in helping established brands and startups launch new product lines with low capital investment and low minimum orders, with production completed within 45-60 days. Click here to read the full article.