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Singapore’s fashion startup Zilingo has acquired Sri Lanka’s SaaS startup nCinga in a $ 15.5 cash and stock deal, the two said today.

nCinga, founded in 2014, offers an IoT platform to enable real-time production monitoring on factory floors and data analytics tools. Its acquisition is one of Sri Lanka’s largest tech exits in recent times, the two said.

Zilingo, which has built several pieces of supply chain — manufacturing, logistics, payments, etc for retailers and brands, said it will deploy the Sri Lankan startup’s Manufacturing Execution System (MES) software across its network of 6,000 factories and 75,000 businesses.

Ankiti Bose, co-founder and chief executive of Zilingo, said, nCinga’s product has helped the startup “drastically improve” efficiency and drive insights by digitizing the shop floor. “Their work has been crucial to our mission of creating a transparent, sustainable, economically viable and socially responsible apparel supply chain,” she said.

Zilingo “has long” been a client of nCinga, she said.

Retailers continue to struggle with meeting consumer demand for fast, responsibly produced products due to inefficiencies and information asymmetry, said Zilingo, which is steps away from becoming the latest Southeast Asian unicorn. The acquisition will enable it to help customers in the United States, Europe and Australia, where brands traditionally lack transparency over supply chain and manufacturing processes, it said.

Zilingo will also help to expand the reach of nCinga’s software to core fashion manufacturing markets such as Bangladesh, India, Vietnam, Indonesia, Thailand and Turkey. In a statement, nCinga chief executive Imal Kalutotage said the startup “hopes to do great things together.”

The announcement today comes weeks after Zilingo said it planned to invest $ 100 million to expand its supply chain in the U.S.

It’s unclear how much capital nCinga had raised prior to today’s announcement. According to Crunchbase, nCinga’s last financing was its seed round five years ago.


TechCrunch

Reliance Industries, one of India’s largest industrial houses, has acquired a majority stake in NowFloats, an Indian startup that helps businesses and individuals build online presence without any web developing skills.

In a regulatory filing on Thursday, Reliance Strategic Business Ventures Limited said (PDF) it has acquired an 85% stake in NowFloats for 1.4 billion Indian rupees ($ 20 million).

Seven-and-a-half-year old, Hyderabad-headquartered NowFloats operates an eponymous platform that allows individuals and businesses to easily build an online presence. Using NowFloats’ services, a mom and pop store, for instance, can build a website, publish their catalog, as well as engage with their customers on WhatsApp.

The startup, which has raised about 12 million in equity financing prior to today’s announcement, claims to have helped over 300,000 participating retail partners. NowFloats counts Blume Ventures, Omidyar Network, Iron Pillar, IIFL Wealth Management, and Hyderabad Angels among its investors.

Last year, NowFloats acquired LookUp, an India-based chat service that connects consumers to local business — and is backed by Vinod Khosla’s personal fund Khosla Impact, Twitter co-founder Biz Stone, Narayana Murthy’s Catamaran Ventures and Global Founders Capital.

Reliance Strategic Business Ventures Limited, a wholly-owned subsidiary of Reliance Industries, said that it would invest up to 750 million Indian rupees ($ 10.6 million) of additional capital into the startup, and raise its stake to about 89.66%, if NowFloats achieves certain unspecified goals by the end of next year.

In a statement, Reliance Industries said the investment will “further enable the group’s digital and new commerce initiatives.” NowFloats is the latest acquisition Reliance has made in the country this year. In August, the conglomerate said it was buying a majority stake in Google-backed Fynd for $ 42.3 million. In April, it bought a majority stake in Haptik in a deal worth $ 100 million.

There are about 60 million small and medium-sized businesses in India. Like hundreds of millions of Indians, many in small towns and cities, who have come online in recent years thanks to world’s cheapest mobile data plans and inexpensive Android smartphones, businesses are increasingly building online presence as well.

But vast majority of them are still offline, a fact that has created immense opportunities for startups — and VCs looking into this space — and major technology giants. New Delhi-based BharatPe, which helps merchants accept online payments and provides them with working capital, raised $ 50 million in August. Khatabook and OkCredit, two digital bookkeeping apps for merchants, have also raised significant amount of money this year.

In recent years, Google has also looked into the space. It has launched tools — and offered guidance — to help neighborhood stores establish some presence on the web. In September, the company announced that its Google Pay service, which is used by more than 67 million users in India, will now enable businesses to accept digital payments and reach their customers online.


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