After months of internal crisis, B2B fashion tech company Zilingo is set to wrap operations.
The Singapore-based company’s board has reportedly appointed EY Corporate Services Pte as provisional liquidator. The board has also informed major shareholders and creditors of its decision.
The liquidation process spells an end to a high-flying start-up that was once valued at US $ 1 billion in a funding round in 2019.
It’s being said that the downfall of the company started in May 2022 when Co-Founder and CEO of the company Ankiti Bose was forced to leave the company after complaints of financial irregularities.
However, Ankiti had denied any wrongdoing and hired an attorney to fight back against what they have described as a ‘witch hunt’.
The liquidation comes after Zilingo creditors Varde Partners and Indies Capital Partners found a buyer for some of its assets. Those assets have reportedly been transferred to the new owner for an undisclosed purchase price.
