Finance

Singapore’s Zilingo debt holders recall loan; new finance adviser appointed



Fashion technology startup Zilingo’s debtholders have decided to recall their entire loan, leading the Singapore-based company to appoint a financial adviser to assess options, its board said on Friday.


“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 to Reuters.





The board suspended its CEO and co-founder Ankiti Bose in March with the backing of major investors, pending a probe by an independent firm they hired.


Backed by investors including Sequoia Capital India and state investor Temasek, the seven-year-old announced in April a probe into what it described as “matters”, and which sources have said refers to the company’s accounts.


“The investigation into allegations against Ankiti Bose, the CEO of Zilingo, is close to being finalised,” the board said in Friday’s statement.


A lawyer for Bose has said that she declined to comment on her suspension or the investigation.


works with thousands of apparel factories and merchants in South Asia and Southeast Asia, connecting them to retailers worldwide and was valued at nearly $1 billion in its last funding round in 2019, according to sources familiar with the situation.


The company was founded in 2015 by Bose and chief technology officer Dhruv Kapoor as a Southeast Asia focused e-commerce firm and then transformed into a global supply chain enabler for the highly fragmented apparel sector.


It provides logistics, financing and other services to factories and merchants.


(Reporting by Anshuman Daga; Editing by Sumeet Chatterjee and John Stonestreet)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor



Leave a Reply

Your email address will not be published.

Back to top button