Zilingo

The liquidation is set to begin after Zilingo's creditors managed to find a buyer for some of the startup's assets, Bloomberg reported.

Zilingo Pte is set to enter liquidation, capping a months-long crisis that shocked Asia's technology and startup industries.

The once high-flying company pitched into a ... The Singapore-based fashion-tech company’s board appointed EY Corporate Services Pte as provisional liquidator, people familiar with the matter said, asking not to be named as the matter is private. The board informed major shareholders and creditors of its decision, they said.

The Singapore-based company's board appointed EY Corporate Services Pte as provisional liquidator, sources told Bloomberg.

MOST READ RECOMMENDED The legal notice also revealed that Kapoor, and Zilingo’s COO, Aadi Vaidya, had not helped her when she first informed them of the harassment that she was facing. In May last year, Zilingo fired Bose from the position of CEO over complaints of serious financial irregularities. Those assets have been transferred to the new owner for an undisclosed purchase price, the sources told Bloomberg. The Singapore-based company’s board appointed EY Corporate Services Pte as provisional liquidator, people familiar with the matter said.

The liquidation comes after Zilingo creditors Varde Partners and Indies Capital Partners found a buyer for some of the startup's assets.

She added that the Zilingo board [fired her for ‘insubordination’](https://inc42.com/buzz/ankiti-bose-hits-back-after-zilingo-terminates-her-as-ceo-claims-she-was-fired-for-insubordination/) rather than any allegations of financial irregularities. The liquidation comes after Zilingo creditors Varde Partners and Indies Capital Partners found a buyer for some of the B2B startup’s assets. Zilingo once claimed to have operations across at least eight countries with hundreds of employees in India and Southeast Asia. Bose also tried to pay off Zilingo’s debt worth $40 Mn on her own but failed in these efforts. The company’s board has appointed EY as a provisional liquidator, Bloomberg reported citing sources. The liquidation comes after Zilingo creditors Varde Partners and Indies Capital Partners found a buyer for some of the startup’s assets

The once high-flying company pitched into a downward spiral after complaints of financial irregularities. Read more at straitstimes.com.

But the Covid-19 pandemic took a toll on its business, and the company was forced to cut jobs as revenue dwindled. That included a presentation from its financial adviser Deloitte to sell off the company’s assets. [made the pitch for a buyout.](https://www.straitstimes.com/business/companies-markets/zilingo-co-founders-make-surprise-buyout-offer-for-startup) Allies for years, they fell out as financial pressures mounted. [valued at close to US$1 billion (S$1.3 billion)](https://www.straitstimes.com/business/companies-markets/how-a-27-year-old-ceo-built-a-near-us1b-fashion-start-up-in-south-east) in a 2019 funding round, when Ms Bose was 27. [ the dismissal of high-profile co-founder and chief executive officer Ankiti Bose](https://www.straitstimes.com/business/companies-markets/zilingo-fires-ceo-ankiti-bose-as-clash-over-embattled-start-up-escalates) in May 2022.

Singapore-based fashion tech company Zilingo Pte is going to enter liquidation in the wake of complaints of financial irregularities that was followed by ...

Zilingo was valued at close to $1 billion in a 2019 funding round. In June, the company’s financial adviser Deloitte LLP advised selling off the company’s assets as the board started weighing options, including liquidation and a management buyout. As financial difficulties mounted Singh lost faith in the management skills of the young founder while Bose felt betrayed by Singh as she was expelled from her own company. At the heart of the meltdown was a tiff between Ankiti Bose, one of the two co-founders of the company, and her longtime supporter Shailendra Singh, head of Sequoia India. The covid-19 pandemic took a toll on the company’s revenue, forcing the management to cut jobs. Singapore-based fashion tech company Zilingo Pte is going to enter liquidation in the wake of complaints of financial irregularities that was followed by the termination of its high-profile CEO Ankita Bose, Bloomberg reported.