Liquidation begins for Zilingo

Zilingo is currently conducting liquidation proceedings, led by interim liquidator EY Corporate Services PSE. The B2B fashion startup’s liquidation is being overseen by creditors Varde Partners and Indies Capital Partners.

Once considered a unicorn, Zilingo now faces liquidation – Zilingo- Facebook

This January, Zilingo handed over its technology assets and nCinga Innovations to Buyogo AG, Retail Bureau of India reported. The business liquidation was triggered this January by creditors Varde Partners and Indies Capital Partners.

Dhruv Kapoor and Ankiti Bose launched Zilingo in 2015 as a B2B fashion startup to provide end-to-end manufacturing, logistics and technology solutions for international clothing businesses. includes manufacturers, distributors, retailers and wholesalers among others. The founders had many disputes that the liquidation process was uncovering.

Singapore-based India-run Zilingo made headlines as a unicorn in December 2019, when its valuation crossed the $1 billion mark. However, rapid international expansion to countries including the United States and Australia has caused massive money burn, along with other corporate costs.

The year 2022 saw countless controversies over the business. In May of last year, Bose was fired from the business for allegedly attempting to commit fraud, which she denies. In June, both Bose and Kapoor proposed a shareholder buyout the business, then in September, Zilingo was fired by the Indian government for allegedly falsifying third-party test certificates to distribute goods. million Chinese substandard KN95 masks during the pandemic.

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