Private Equity

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Zilingo sells Ncinga, assets to Zurich's Buyogo AG

Economic Times  

Singapore-based apparel supply chain technology player Zilingo Pte has sold off its technology assets in manufacturing, retail and the fashion segments as well as acquired entity Ncinga Innovations to Zurich-based e-commerce management software provider Buyogo AG. Sri Lanka-based Ncinga Innovations was acquired by Zilingo for USD 15.5 million in a cash-and-stock deal in December 2019, to help scale up its global supply chain capabilities. Zilingo had raised USD 226 million in its last funding round in 2019, led by existing investors Sequoia Capital, Temasek and others, after which it was valued at USD 970 million. It also raised a bridge round of USD 35 million from existing shareholders in 2021.