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Singapore's Zilingo to enter liquidation after crisis at fashion start-up

Zilingo had been one of the highest-profile startups to emerge from Singapore

Bloomberg

Premium

Zilingo was valued at close to $1 billion in a 2019 funding round, when Bose was 27

3 min read Last Updated : Jan 21 2023 | 12:03 AM IST

Zilingo Pte is set to enter liquidation, capping a months-long crisis that shocked Asia’s technology and startup industries.

The Singapore-based fashion-tech company’s board appointed EY Corporate Services Pte as provisional liquidator, people familiar with the matter said, asking not to be named as the matter is private. The board informed major shareholders and creditors of its decision, they said. The board declined to comment for this story.

The liquidation process spells an end to a startup whose implosion and months-long battle for survival sent shock waves through Southeast Asia and India’s tech industries. The once high-flying company pitched into a downward spiral after complaints of financial irregularities, culminating in the dismissal of high-profile co-founder and Chief Executive Officer Ankiti Bose, 31, in May.