Singapore's trend launch Zilingo acquired Sri Lanka's SaaS startup nCinga as a part of a $ 15.5 money and fairness deal.
nCingaThe corporate, based in 2014, affords an IoT platform for real-time monitoring of manufacturing in workshops and information evaluation instruments. The acquisition is claimed to be one of many largest tech exits in Sri Lanka just lately.
Zilingo, which has constructed a number of components of the provision chain – manufacturing, logistics, funds, and so forth. for retailers and types – introduced that it’ll use the Sri Lankan startup's software program manufacturing execution system (MES) in its community of 6,000 factories and 75,000 corporations ,
Ankiti Bose, Co-founder and CEO of Zilingo mentioned the nCinga product helped the start-up "drastically enhance" effectivity and achieve perception by digitizing the manufacturing space. "Your work was vital to our mission to create a clear, sustainable, economically viable, and socially accountable attire provide chain," she mentioned.
Zilingo "was a very long time" buyer of nCinga, she mentioned.
Retailers proceed to battle to fulfill shopper demand for rapidly and responsibly manufactured merchandise resulting from inefficiencies and data asymmetries, Zilingo mentioned Steps away from becoming the newest Southeast Asian unicorn, The acquisition will allow prospects in the USA, Europe and Australia to be helped, the place manufacturers historically lack transparency in regards to the provide chain and manufacturing processes.
Zilingo may also assist increase the attain of nCingas software program to core trend manufacturing markets reminiscent of: Bangladesh, India, Vietnam, Indonesia, Thailand and Turkey. In an announcement, Imal Kalutotage, CEO of nCinga, mentioned the startup hopes to "do nice issues collectively".
The announcement comes in the present day, weeks after Zilingo introduced that it might make investments $ 100 million in increasing its provide chain in the USA.
It’s unclear how a lot capital nCinga had raised earlier than in the present day's announcement. In response to CrunchBaseThe final funding from nCinga was the beginning spherical 5 years in the past.