Call records, documents reveal Zilingo’s dangerous half-truths
As the e-commerce startup nears liquidation, we get to the bottom of key allegations involving its co-founder, lead investor and more.
Why read this story?
Editor's note: The latest news from Zilingo is that the company is going to be liquidated. As you read this, the fashion e-commerce startup’s board, which mostly comprises the company’s investors, is meeting in Singapore, its headquarters, to discuss next steps. Zilingo had earlier appointed consulting firm Deloitte to explore options before the company after its business saw a near collapse, even as its liabilities remained. Specifically, a $40 million venture debt from Varde Partners and Indies Capital, which was recalled by the lenders last month. A person directly related to this transaction, who asked not to be named, said the company has less than $15 million in cash balances and is in no position to retire the debt without further capital infusion. As things stand today there are no offers for purchase of the once famous unicorn. Except a last desperate attempt from Ankiti Bose, the company’s disgraced co-founder, to purchase whatever remains of the company at perhaps a throwaway price. The company's co-founders, Bose and Dhruv Kapoor, who have been at loggerheads seem to have buried their differences and come …
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