Singapore-Based Billion Dollar E-Commerce & Fashion Startup Zilingo Appoints EY as Provisional Liquidators, Raised $300 Million with Investors Including Temasek & Sequoia Capital India
26th January 2023 | Singapore
Singapore-based billion dollar e-Commerce & fashion startup Zilingo has appointed EY Corporate Services as provisional liquidators (18/1/23), with Buyogo (Switzerland-based SaaS for small & medium-sized businesses) looking to acquire Zilingo technology & intellectual properties. Zilingo had raised more than $300 million including from Singapore Temasek, Sequoia Capital India, Burda Principal Investments, Sofina, and Singapore EDBI. In 2019, Zilingo raised $226 million valuing the company at around $1 billion. In 2022 April, Zilingo founder and CEO Ankiti Bose were suspended following investigations into the company’s accounting practices. Board members of Zilingo Temasek Xu Wei Yang, Sequoia Shailendra Singh and Burda Principal Investments Albert Shyy have been reported to resign as board members. Zilingo CEO Ankiti Bose had hired Senior Counsel Abraham Vergis of Providence Law Asia to dispute the possible wrongdoings, and that her suspension is due to her complaints about harassment. In 2022 May, Zilingo founder & CEO Ankiti Bose were fired after an investigation citing “serious financial irregularities.” Zilingo current creditors include Varde Partners and Indies Capital Partners. For FY2020 & FY2021, Zilingo did not file financial statements. Zilingo was founded in 2015 by CEO Ankiti Bose and Chief Technology & Product Officer Dhruv Kapoor in Singapore to help small businesses across South Asia & South-east Asia sell their goods online.
“ Singapore-Based Billion Dollar E-Commerce & Fashion Startup Zilingo Appoints EY as Provisional Liquidators, Raised $300 Million with Investors Including Temasek & Sequoia Capital India “
Zilingo founded in 2015
Zilingo was founded in 2015 by CEO Ankiti Bose and Chief Technology & Product Officer Dhruv Kapoor in Singapore to help small businesses across South Asia & South-east Asia sell their goods online.
Zilingo is a B2B technology platform that powers the global apparel supply chain with innovative solutions for production, sourcing and trade. Over the years, it has evolved into an end-to-end enabler that gives raw material suppliers, fabric mills, manufacturers, wholesalers, distributors, brands and retailers access to commerce, software and services that optimize processes at scale, create cost efficiencies and support sustainable growth. Today, our sales volume exceeds $1 billion annually.
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