Zilingo’s $40 million debt to be settled by Ankiti Bose after Creditors recall the loan
- ByStartupStory | May 18, 2022
Ankiti Bose is the CEO and co-founder of B2B e-commerce startup Zilingo is planning to pay back the startup’s debt of $40 million. This would give Bose a further opportunity to gain more equity in Zilingo. Due to the failure to properly fulfil the obligations under the loan agreement so the company decided to immediate the repayment of the entire loan.
The board also suspended its CEO and co-founder Ankiti Bose in March with the support of major investors, pending a probe by an independent firm that they hired. It is backed by investors like Sequoia Capital India and Temasek, a Singapore state investor. The brand’s board member said that investigation into allegations against the CEO of the company is almost being finalised. The lawyer for Bose stated that she has declined any such comments regarding her suspension or the investigation.
Zilingo was founded in 2015 by Ankiti Bose and CTO, Dhruv Kapoor as a technology and commerce platform in the fashion industry. It works with thousands of clothing factories and merchants in South Asia as well as Southeast Asia eventually connecting them to retailers globally. The brand was valued at approximately $1 billion in its last funding round in 2019.
The company provides logistics, financing and other services to various factories and merchants. Zilingo is one of Sequoia Capital India’s key investments in the South East Asia space and has also entered the unicorn club after raising $226 million in a Series D funding round in April 2019.
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