Fashion technology firm Zilingo Pte is set for liquidation after months of survival struggle. EY Corporate Services Pte has been appointed as the provisional liquidator by the company’s board, Bloomberg has reported.
Started by Ankiti Bose and Dhruv Kapoor in 2015, Zilingo was valued at close to $1 billion in 2019. But the pandemic took a toll on the firm. Revenue started to dwindle and Zilingo was forced to cut jobs, said the report.
Then financial irregularities at the firm led to the firing of co-founder Ankiti in May last year. Ankiti described her firing as a “witch hunt” and hired an attorney to fight against the board.
The company was one of the biggest success stories to come out of Singapore, backed by investment firms Temasek Holding Pte and Sequoia Capital.
Financial irregularities have been reported at some of Sequoia’s big bets, including Ashneer Grover-founded Bharatpe and GoMechanic recently.