Troubled Singapore e-commerce start-up Zilingo has reportedly offload its tech assets to Swiss e-commerce company Buyogo AG, along with its Sri Lanka-based acquired entity nCinga Innovations, as the Southeast Asian company reportedly faces liquidation.
SEE ALSO: Singapore’s Zilingo reportedly facing liquidation
The sale was reportedly completed in the first week of January and marked the beginning of the liquidation process at the Singapore-based startup, according an Economic Times report.
“Buyogo AG announces the acquisition of nCinga Innovations Pte Ltd, Singapore and Zilingo’s technology capabilities in manufacturing, retail and the fashion industry. Buyogo will be investing in R&D and innovation to enhance sustainability and efficiency for manufacturers, brands and retailers,” the Zurich-based e-commerce enabler was reported as saying.
“This acquisition complements our current business in terms of technology as well as our shared expertise across Europe and Asia. We will be investing in innovation and growth to help our customers transition to next-generation sales, manufacturing and sourcing technologies,” the company added, as per the report.
Last week, Bloomberg reported that the Temasek-backed fashion technology start-up had appointed EY Corporate Services as its provisional liquidator, with the company’s board of directors also informing major shareholders and creditors of its decision.
Zilingo has declined to comment on the reports.
Founded in 2015 by Ankiti Bose and Dhruv Kapoor, Zilingo has operations spanning Indonesia, Hong Kong, Thailand, Philippines, Australia and the United States.
In 2019, Zilingo was valued at close to USD 1 billion, according to its funding round at the time. That same year, Zilingo acquired Sri Lanka-based SaaS startup nCinga in a USD 15.5 million cash and stock deal. However, the Covid-19 pandemic adversely impacted its operations, with the company forced to cuts jobs as revenue declined, over the last three years.
Most recently, financial irregularities also 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.