“Due to Zilingo’s failure to meet its prior obligations under the loan agreement, the company’s lenders have made the decision to accelerate repayment of the entire loan,” the board said. administration of Zilingo in a statement to Reuters.
The board suspended its CEO and co-founder Ankiti Bose in March with the backing of major investors, pending an investigation by an independent firm they hired.
Backed by investors including Sequoia Capital India and Singaporean public investor Temasek, seven-year-old Zilingo announced in April an investigation into what he called “issues”, and which sources say refers to the company accounts.
“The investigation into the allegations against Ankiti Bose, the CEO of Zilingo, is nearing completion,” Zilingo’s board said in a statement Friday.
A lawyer for Bose said she declined to comment on his suspension or the investigation.
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Zilingo works with thousands of garment factories and merchants in South Asia and Southeast Asia, connecting them to retailers around the world and was valued at nearly $1 billion in its last cycle. funding in 2019, according to sources close to the situation.
The company was founded in 2015 by Bose and Chief Technology Officer Dhruv Kapoor as an e-commerce company focused on Southeast Asia, then transformed into a global supply chain enabler for the industry. very fragmented clothing.
It provides logistics, financing and other services to factories and traders.