Singapore-based fashion startup Zilingo, co-founded by Indian-origin Ankiti Bose, is all set to enter liquidation, media reports reveal.
Its board has appointed EY Corporate Services as provisional liquidator, the report added.
Last year, Zilingo faced a probe by investors after complaints of serious financial irregularities were reported. Bose was fired from the position of CEO in May 2022.
In May 2022, Ankiti Bose the Indian CEO of a Singapore-based Zilingo, backed by Sequoia Capital India and Temasek Holdings Pte was suspended by the other board members without clear allegations of financial irregularities.
The legal notice which was sent by Ankiti’s legal team also mentions that she was extremely distraught and scared to leave the country in this messy situation. The notice also mentions Ankiti Bose’s mental and physical health issues were being connivingly used to disparage her questioning her ability to lead them.
Immediately after Bose sent a legal notice stating Singh's behaviour, Sequoia Capital India's managing director, Singh stepped down from the company board and appointed a nominee instead.
Bose was suspended by the Zilingo board on March 31, 2022 without a formal board meeting or any proper board resolution. Singh apparently threatened Bose that if she cooperated, he would let her have "her reputation intact" but advised her not to use a lawyer and cooperate with him.
"After receiving certain complaints of a serious nature, the board placed the CEO on suspension pending a full investigation," the Singapore-based fashion technology startup had said.
Zilingo, a B2B startup offers a tech platform for fashion retailers to source wholesale supplies. This has been one of the most emerging and celebrated startups from South Asian geography.