Zilingo raised $308M to build a fashion platform — unexplained payments brought it to zero

Zilingo was founded in Singapore in 2015 by Ankiti Bose and Dhruv Kapoor, starting as a marketplace for small fashion merchants in Bangkok and Jakarta. It expanded into a B2B supply-chain platform offering logistics, financing and sourcing tools across eight countries. By 2019 it had raised $308 million from Sequoia Capital India, Temasek Holdings, Burda Capital and Sofina, at a valuation near $970 million.

A $226 million Series D in February 2019 valued Zilingo at close to $1 billion. The first cracks appeared in 2020. Zilingo closed its US and Australia offices, laid off an estimated 12% of staff globally, and its CFO James Perry resigned. The company had not filed an annual financial statement since 2019. A planned funding round with Goldman Sachs, which would have made Zilingo a unicorn, broke down after auditors raised concerns about accounting practices during due diligence.

On 30 March 2022, whistleblowers approached the board reporting unexplained payments approved by Bose to companies with no connection to Zilingo's operations. Bose was suspended on 31 March. An independent forensics firm investigated. On 20 May 2022, Zilingo terminated her with cause, reserving the right to pursue legal action. Bose said she was fired for 'insubordination' and denied wrongdoing.

After debt holders recalled approximately $40 million in loans, Zilingo appointed an independent financial adviser. In January 2023 it sold its technology assets to Swiss firm Buyogo. In February 2023 it entered liquidation. Investors who had put in $308 million recovered nothing.