Singapore-based fashion technology platform Zilingo has acquired Sri Lanka-based SaaS startup nCigna Innovations in a cash and stock deal worth around ₹390 crores ($15.5 million), as reported by Inc42.
This acquisition will help Zilingo take its Manufacturing Execution System (MES) software global through its network of 6,000 factories and 75,000 businesses, helping its foray into untapped markets. With Zilingo’s technology centre in Bangalore, it will also help Indian factories to gain access to more tools and features of Zilingo Factory Software.
Talking about the acquisition, Ankiti Bose, Co-founder and Chief Executive of Zilingo, said, “nCinga’s product has helped the startup drastically improve efficiency and drive insights by digitizing the shop floor. Their work has been crucial to our mission of creating a transparent, sustainable, economically viable and socially responsible apparel supply chain.”
Zilingo will also be leveraging nCigna’s product to expand to core manufacturing markets like Bangladesh, India, Vietnam, Indonesia, Thailand and Turkey. It will further help strengthen operations in US, Europe and Australia by bringing transparency in supply chain and manufacturing processes.
Zilingo was founded by Ankiti Bose and Dhruv Kapoor in 2015. This four-year-old startup is reimagining the fashion industry through its innovative technology platform by enabling real-time production monitoring on factory floors and data analytics tools.
So far, the startup has raised over $300 million across multiple funding rounds. Earlier this year in February, Zilingo raised $226 million in Series D round from Sequoia Capital India, Temasek Holdings, Sofina, EDBI, Burda Principal Investments and Angel Capital Management.