Exclusive-Singapore's Zilingo debtholders recall loan, company appoints financial adviser

By Anshuman Daga

SINGAPORE -Trend know-how startup Zilingo’s debtholders have determined to recall their total mortgage, main the Singapore-based firm to nominate a monetary adviser to evaluate choices, its board mentioned on Friday.

“As a result of Zilingo’s failure to meet prior obligations underneath the mortgage settlement, the corporate’s lenders have made the choice to speed up the reimbursement of the complete mortgage,” Zilingo’s board mentioned in an announcement to Reuters.

The board suspended its CEO and co-founder Ankiti Bose in March with the backing of main buyers, pending a probe by an unbiased agency they employed.

Backed by buyers together with Sequoia Capital India and Singapore state investor Temasek, the seven-year-old Zilingo introduced in April a probe into what it described as “issues”, and which sources have mentioned refers back to the firm’s accounts.

“The investigation into allegations towards Ankiti Bose, the CEO of Zilingo, is near being finalised,” the Zilingo board mentioned in Friday’s assertion.

A lawyer for Bose has mentioned that she declined to touch upon her suspension or the investigation.

Zilingo works with 1000's of attire factories and retailers in South Asia and Southeast Asia, connecting them to retailers worldwide and was valued at almost $1 billion in its final funding spherical in 2019, in keeping with sources acquainted with the scenario.

The corporate was based in 2015 by Bose and chief know-how officer Dhruv Kapoor as a Southeast Asia targeted e-commerce agency after which remodeled into a world provide chain enabler for the extremely fragmented attire sector.

It offers logistics, financing and different providers to factories and retailers.