247 Job News Saifudin Hidayat: Will Zilingo accept an eleventh-hour buyout offer to survive?

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Rabu, 22 Jun 2022

Will Zilingo accept an eleventh-hour buyout offer to survive?

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Will Zilingo accept an eleventh-hour buyout offer to survive?

Just three years ago, Zilingo was within striking distance of achieving unicorn status when the fashion ecommerce firm bagged funding at a valuation of US$970 million. But fast forward to 2022, and the board of the troubled startup is now weighing whether to voluntarily liquidate or accept a last-minute buyout proposal from its founders.

The Singapore-based company’s troubles started earlier this year when an internal accounting probe led to the suspension and the eventual ouster of co-founder and CEO Ankiti Bose.

It got worse when Bose alleged that she was suspensed in part because of her complaints about harassment. Naushaba Salahuddin, Zilingo’s head of communications and prevention of sexual harassment committee, resigned shortly after, stating in a LinkedIn post that “truth will prevail.”

As crisis upon crisis stacked up, Zilingo’s balance sheet felt the weight of pandemic-related strains, lax financial controls, unbridled expansion, and an imperfect business plan. The firm eventually crumbled as the board’s decision to repay the jittery creditors behind its $40 million debt facility in June further fanned fears of liquidation.

However, a surprise buyout offer from its founders could give the embattled firm a much-needed infusion of cash. The board ended a meeting on Monday without a decision even though a financial adviser to the company said that liquidation was the most viable solution.

With Zilingo’s fate hanging by the thread, Tech in Asia takes a detailed look at the founders’ last-ditch attempt to take back control - which would bring Bose back to the company - and what it means for the once high-flying startup’s future.

Also, if you’re an entrepreneur looking for funding, fill out this form to get your company featured on our list of fundraising startups.

-- Shravanth

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