Sequoia India boss reportedly resigns from Zilingo’s board

Shailendra Singh, Sequoia Capital’s managing director, has resigned from the board of Singapore-based Zilingo after the company’s fundraising plans drew questions about its accounting practices, Bloomberg reported, citing people familiar with the matter.

Singh left the fashion B2B startup about a week ago, following the departures of Albert Shyy, managing director for Asia at Burda Principal Investments, and Xu Weiyang, director of Southeast Asia growth investing at Temasek Holdings.

However, Sequoia supposedly plans to appoint a replacement for Singh as it still holds a seat on Zilingo’s board.

Singh’s exit comes after Zilingo was reportedly looking to raise up to US$200 million from investors with the help of Goldman Sachs Group. This led to a probe into the business transactions and revenue across its platform, which includes thousands of small merchants.

According to Singapore regulators, Zilingo has not filed annual financial statements since 2019.

See also: Zilingo grew big, lost big from 2018 to 2019