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Zalora nabs US$100 million funding

Caroline Ng | May 31, 2013
Zalora has deepen its pockets with fresh capital injected by a global blue chip investor base.

Fashion e-commerce site, Zalora has scored a US$100 million (S$124 million) funding from Summit Partners, Investment AB Kinnevikm Verlinvest and Tengelmann Group.

The news follows Tengelmann's US$26 million (S$32.8 million) investment earlier in March this year.

Michele Ferrario, managing director at Zalora, said the investment will come in handy to spur product and services innovation for the benefit of customers in Southeast Asia.

The new capital also aims to expand the company's current smorgasbord of 500 local and international brands to secure a stronger foothold in the region.

The Rocket Internet-backed Singaporean store has recently hit a milestone of one millionth order since its inception just over a year ago.

The company also saw mobile commerce as a key driver of growth, contributing over 25 percent of revenue from customers on smartphones and tablets in their first year.

Riding on the success of mobile commerce, Zalora has launched a shopping app, available on iOS, last month to further tap into users' convenience of shopping on-the-go.

The app quickly became the top lifestyle app downloaded for Singapore, Malaysia and Vietnam in 24 hours of launch.

 

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