Zilingo debtholders recall loan, company appoints financial adviser
- ByStartupStory | May 14, 2022
Debtholders of fashion technology startup Zilingo have decided to call back the entire loan and urged Singapore-based companies to hire financial advisors to evaluate options, the board said on Friday. The Board suspended CEO and co-founder Ankiti Bose in March while waiting for an investigation by the independent company they hired, with the support of key investors.
“Due to Zilingo’s failure to fulfill prior obligations under the loan agreement, the company’s lenders have made the decision to accelerate the repayment of the entire loan,” Zilingo’s board said in a statement.
“The investigation into allegations against Ankiti Bose, the CEO of Zilingo, is close to being finalised,” the Zilingo board said.
Backed by investors such as Sequoia Capital India and Singapore’s national investor Temasek, seven-year-old Zilingo conducted a survey in April on what’s called a “problem” and sources of information related to company accounts.
Zilingo works with thousands of apparel factories and retailers in South and Southeast Asia to connect with retailers around the world. The company was founded in 2015 by Bose and Chief Technology Officer Dhruv Kapoor as an e-commerce company focused on Southeast Asia, and has since transformed into a global supply chain enabler in the highly fragmented apparel sector.
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