Singapore’s Zilingo is reportedly facing liquidation, according to a Bloomberg report.
The Temasek-backed fashion technology start-up has appointed EY Corporate Services as its provisional liquidator, sources told the financial news service provider on January 20.
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The company’s board also informed major shareholders and creditors of its decision, but declined to comment on the news.
The news comes after Zilingo creditors Varde Partners and Indies Capital Partners found a buyer for some of its assets. Those assets have been transferred to the new owner for an undisclosed purchase price, the report added.
It’s been a tough twelve months for the Southeast Asian start-up. Financial irregularities saw the dismissal of co-founder and Chief Executive Officer Ankiti Bose, in May, last year.
Chief Financial Officer Ramesh Bafna, a former CFO of fashion e-commerce platform Myntra, also left last May, and Chief Operating Officer Aadi Vaidya departed soon afterward.
In 2019, Zilingo was valued at close to USD 1 billion, according to its funding round at the time. However, the Covid-19 pandemic adversely impacted its operations, with the company forced to cuts jobs as revenue declined, over the last three years.
Founded in 2015 by Ankiti Bose and Dhruv Kapoor, Zilingo has operations spanning Indonesia, Hong Kong, Thailand, Philippines, Australia and the United States.