May 06, 2025 01:10 am (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Centre asks several states to conduct security mock drills amid tensions with Pakistan, first since 1971 | PM Modi holds meeting with Defence Secy as India plans retaliation against Pahalgam attack | Terror hideout busted in Kashmir's Poonch amid India-Pak border tensions after Pahalgam attack | India snaps water flow to Pakistan from Baglihar dam on Chenab river in Pahalgam fallout | Trump imposes 100 percent tariff on non-US films, says 'Hollywood dying a very fast death' | Pahalgam fallout: India suspends Pakistan I&B minister Ataullah Tarar's X account | India bans all imports from Pakistan in Pahalgam terror attack fallout | Yunus aide threatens Bangladesh would occupy North East states if India attacks Pakistan | Pahalgam aftermath: Pakistan test-fires ballistic missile with 450-km range amid escalation in tension with India | 'Your govt stands at a historic crossroads': Tejashwi Yadav to PM Modi on caste census move
Zilingo liquidation
Image Credit: Pixabay

Troubled fashion tech startup Zilingo enters liquidation

| @indiablooms | Jan 21, 2023, at 08:40 am

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 Ankiti Bose, Bloomberg reported.

The Singapore-based fashion-tech company’s board appointed EY Corporate Services Pte as provisional liquidator, the report said citing sources.

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

The company was backed by prominent investors like Sequoia Capital India among others.

Zilingo was valued at close to $1 billion in a 2019 funding round. The covid-19 pandemic took a toll on the company’s revenue, forcing the management to cut jobs. 

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.

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.

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.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Videos
FM Nirmala Sitharaman presents Budget 2025 Feb 01, 2025, at 03:45 pm
Nirmala Sitharaman on Budget 2024 Jul 23, 2024, at 09:30 pm
PM Modi on Budget 2024 Jul 23, 2024, at 09:30 pm
Close menu