Xavier Kong · · 1 min readZilingo co-founder looks to settle firm’s $40m debt
Ankiti Bose, Zilingo’s recently suspended co-founder and CEO, is looking to pay off the company’s entire debt of US$40 million, which would give her a way to gain more equity in the firm, the Financial Express reported, citing sources.
Ankiti Bose, Zilingo’s co-founder and CEO / Photo credit: Zilingo
Bose has reportedly already reached out to Varde Partners and Indies Capital with a term sheet to pay back the company’s entire pending loans. Varde and Indies had jointly provided the US$40 million loan to Zilingo, when the latter was under Bose’s leadership in 2021. The creditors have since recalled the loan, prompting the Singapore-headquartered B2B ecommerce platform to appoint a financial adviser.
Bose has already met with “a few institutional investors and hedge funds based in Singapore and India to raise the amount,” sources told The Financial Express.
The first notice of a default in payment came after Bose’s suspension following allegations of financial irregularities in the company’s bookkeeping, triggered by a questionable plan for a fundraising round.
Editing by Deepti Sri and Arpit Nayak
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