The Rocket Internet-backed Zalora startup recently secured US$100-million in funding through investors like Summit Partners, Investment AB Kinnevik, Verlinvest and the Tengelmann Group. Yes, that’s right, US$100-million. This hefty investment marks one of the biggest startup investments in emerging South-East Asia.
The massive confidence boost comes after the South-East Asian online fashion and beauty store managed to get its hands on US$26-million from German retail group, Tengelmann, a few months back. Zalora also received funding from JP Morgan last year. This means that whatever it’s doing, it’s working.
The young, 2012-born e-tailer claims to be “Asia’s fastest-growing online fashion and beauty retailer.” In the year since the company started, the startup has strengthened its position in Singapore, Indonesia, Malaysia, Brunei, the Philippines, Thailand, Vietnam, Taiwan and Hong Kong. Currently, Zalora features in nine different countries. After seeing 25% of the revenue coming from mobile shopping, Zalora’s iOS app became the number one lifestyle app within 24 hours of its launch and the most popular app overall in Singapore, Malaysia and Vietnam.
The company reports that it is experiencing “double-digit growth” and “stellar sales records.”
Although Zalora is merely one year old, the investment is likely to further its current grip in South-East Asia. It already has “600 million potential online shopping customers in the region” and recently brushed past its one-millionth order. The startup employs more than 1 000 people and is expected to beef-up its operations and extend the product portfolio even more. Tell me again, when does a startup stop being a startup?
Zalora Managing Director, Michelle Fererio says, the “goal is to continue serving up world-class products and services, so everyone in South-East Asia can benefit from the wide selection of products at Zalora, the convenience of our e-platform, and the speed of our delivery.”