247 Job News Saifudin Hidayat: Zilingo bids adieu to the Philippines as fate remains in limbo

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Jumaat, 22 Julai 2022

Zilingo bids adieu to the Philippines as fate remains in limbo

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Zilingo bids adieu to the Philippines as fate remains in limbo

“Everyone in the team, in all countries, is just waiting for the final direction: Should we close or what?” a Zilingo Philippines senior executive told Tech in Asia last week on condition of anonymity.

It seems that fashion ecommerce startup hasn’t made a lot of progress since receiving an 11th-hour buyout proposal from its founders last month to stay afloat. However, matters have worsened for its employees in the Philippines, who did not receive their salaries for at least two months and have now been laid off.

A host of controversies this year has brought the once high-flying soonicorn to its knees. The company needed to balance its precarious cash position and pay lenders while dealing with not only the fallout from harassment complaints but also the ​​messy ouster of Ankiti Bose, its co-founder and former CEO, over allegations of accounting irregularities.

Zilingo’s sudden fall from grace sent shockwaves throughout startup ecosystems across Asia. Reportedly, Sequoia Capital, a major investor in the Singapore-based firm, briefly delayed the close of its US$2.8 billion India and Southeast Asia fund as a result.

With Zilingo’s fate hanging by a thread as the board contemplates a possible liquidation, Tech in Asia details the troubled startup’s decision to shut down its Philippine office and what it means for the unit, which once had up to 40 employees.

-- Shravanth

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