The board of Zilingo has appointed EY Corporate Services as its provisional liquidator, months after an accounting controversy rocked the troubled fashion ecommerce startup and led to the removal of co-founder and CEO Ankiti Bose, Bloomberg reported, citing sources.
The liquidation is set to begin after the startup’s creditors, Varde Partners and Indies Capital Partners, found a new buyer to transfer some of its assets to.
This latest development means that one of the highest-profile tech startups in Southeast Asia is shutting down.
Zilingo, at one point a soonicorn, found itself embroiled in controversy after reportedly gauging investor interest to raise up to US$200 million – a move that triggered a probe into its internal numbers.
It had already shutdown its Philippines unit last July. The company has other offices in India, Indonesia, Sri Lanka, and Bangladesh.
CEO Ankiti Bose was sacked in May 2022, while other top executives, including COO Aadi Vaidya, and CFO Ramesh Bafna exited the company soon afterwards.
Following these departures, Bose and co-founder Dhruv Kapoor had filed a management buyout proposal.
To read our past coverage of Zilingo, head here.
See also: Zilingo founders propose to buy out shareholders, incorporate new entity
Editing by Thu Huong Le and Arpit Nayak
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