Fashion tech startup Zilingo acquires software company nCinga Innovations for US$15.5M
Singapore-headquartered fashion technology platform Zilingo announces that it has acquired Sri Lanka-based software company nCinga Innovations in a direction of strengthening its position as a digital supply chain enabler.
The acquisition is reportedly considered to be one of the largest tech exits in Sri Lanka in recent times.
With the deal, Zilingo will drive the adoption of the Manufacturing Execution System (MES) software across its global network of 6,000 factories and 75,000 businesses to enable access into the untapped market. The MES software is to automate operations on the factory floor by enabling access to real-time data on the go.
The acquisition will bring added features to the company’s customers in the US, Europe, and Australia, where brands traditionally lack transparency over the supply chain and manufacturing processes.
With fashion as an over US$3 trillion industry, the majority of retailers still struggle with meeting consumer demand for fast, on-trend, and responsibly produced products due to inefficiencies and information asymmetry. Zilingo is looking at this problem by creating a full-stack technology platform that is intended to make the supply chain fair, transparent, and connected.
“What excited us about the nCinga product was their ability to improve efficiency and drive insights by digitising the shop floor. We have partnered with them for a long time and their work has been crucial to our mission of creating a transparent, sustainable, economically viable, and socially responsible apparel supply chain,” said Ankiti Bose, Co-Founder, and CEO of Zilingo, on the acquisition.
Zilingo plans to leverage its global manufacturing network to increase distribution of the software – specifically for core fashion manufacturing markets such as Bangladesh, India, Vietnam, Indonesia, Thailand, and Turkey.
“We at nCinga are very inspired by Zilingo’s vision. Both the teams align on shared values and a global ambition to make the fashion and apparel industry fair, transparent and efficient, we hope to do great things together,” said Imal Kalutotage, Chief Executive Officer, nCinga Innovations.
Founded in 2015 by Ankiti Bose and Dhruv Kapoor, Zilingo is a technology platform that seeks to make the entire fashion supply chain transparent.
nCinga puts forth a platform where organisational data can be collected, integrated, connected, searched, visualised, and analysed all in real-time.