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Fashion platform Zilingo acquires Sri Lanka’s SaaS startup nCinga for US$15.5 mn

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.

Dr Karunaratne also highlighted three important matters which will support the upgrading of all who make a living through the construction industry. Competition with foreign builders: There is a danger of huge foreign construction companies overrunning the Sri Lankan construction industry. These gigantic foreign companies operate with various incentives offered by their own governments. Due to this reason the local construction companies are encountered with a tremendous disadvantage in competing with them.